SHORT HILLS, NJ — Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced the sale of Morris Turnpike Strip Center, a 10,070 s/f retail property located in Short Hills. The asset sold for $7 million
“There was significant demand for this asset as it sits in the heart of one of the wealthiest zip codes in the country,” said Alan Cafiero, senior managing director of investments. “There were multiple offers, and the final buyer was completing a 1031 tax-free exchange.”
Alan Cafiero, David Cafiero, and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. The buyer, a New York-based limited liability company, was also procured by Alan Cafiero, David Cafiero, and Matuszewicz.
Morris Turnpike Strip Center is located at 688 Morris Turnpike and has great visibility at the T-Intersection of Morris Turnpike and Cleveland Place. Tenants include T-Mobile, Mattress Firm, and Alpha Fit Club, all of which are on triple net leases. Built-in 1959, the retail center sits on a 0.8-acre parcel and has 44 parking spaces. Nearby national retailers include Shoprite, Bed Bath & Beyond, Panera Bread, and AT&T.
In other Marcus & Millichap news, the company announced the sale of a 92-room Fairfield Inn & Suites by Marriot in Chincoteague, VA. The hotel sold for $18.1 million.
“Located on Chincoteague Island, this beautiful waterfront hotel has a franchise agreement that runs through December 2032,” said Catherine O’Brien, first vice president of investments in Marcus & Millichap’s Encino office. “The offering was well received by the marketplace and changed hands smoothly.” O’Brien represented the seller and procured the buyer. Brian Hosey, first vice president, and division manager is Marcus & Millichap’s broker of record in Virginia.
Built-in 2013 on three acres, the property is easily accessible from Virginia State Route 175/Chincoteague Road. Downtown Chincoteague is a short walk away and Chincoteague Island National Wildlife Refuge, NASA’s Wallops Flight Facility, and the famous Chincoteague ponies are all close by.