Marcus & Millichap Inc.
11/07/2024 | Press release | Distributed by Public on 11/07/2024 12:32
Marcus & Millichap Exclusively Offers Retail and Office Complex for Sale in Central New Jersey
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Marcus & Millichap Exclusively Offers Retail and Office Complex for Sale in Central New Jersey
November 07, 2024
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EDISON, N. J., Nov. 7, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing for sale of The Shoppes at Colonial Village, a five-building, 77,096-square-foot shopping center and office park in Edison, New Jersey. The asking price is $22 million.
"This extraordinarily well-maintained property is currently 91% occupied by over 50 tenants that produce a diversified rental income stream," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "An incoming investor can gain upside through lease up of renting existing vacancies and bringing rents to market level." Cafiero and Brent Hyldahl of Marcus & Millichap are representing the seller, Weiss Realty. "After receiving multiple unsolicited offers for this asset and consulting with several brokers we've hired Marcus & Millichap to exclusively market The Shoppes at Colonial Village for sale," said Jaime M. Weiss, president of Moonachie, New Jersey-based Weiss Realty and managing member of Colonial Village Associates.
The property is situated on five-plus acres at the signalized corner of Parsonage Road and Route 27/Lincoln Highway, less than a mile from U.S. Route 1 and the Menlo Park Mall. JFK University Medical Center is across the street and the Metropark Station and Garden State Parkway are close by. The population within a five-mile radius is over 315,000 and within one mile the average annual household income is more than $162,000.
Built in and 1973 and renovated in 2017, The Shoppes at Colonial Village's retail tenants include Italian seafood restaurant LouCas, Frappe Joe Coffee, and Bernstein Fashions. The offices are occupied by educational services, orthopedics, endodontics, dermatology, orthodontics, and general dentistry tenants.
"This extraordinarily well-maintained property is currently 91% occupied by over 50 tenants that produce a diversified rental income stream," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "An incoming investor can gain upside through lease up of renting existing vacancies and bringing rents to market level." Cafiero and Brent Hyldahl of Marcus & Millichap are representing the seller, Weiss Realty. "After receiving multiple unsolicited offers for this asset and consulting with several brokers we've hired Marcus & Millichap to exclusively market The Shoppes at Colonial Village for sale," said Jaime M. Weiss, president of Moonachie, New Jersey-based Weiss Realty and managing member of Colonial Village Associates.
The property is situated on five-plus acres at the signalized corner of Parsonage Road and Route 27/Lincoln Highway, less than a mile from U.S. Route 1 and the Menlo Park Mall. JFK University Medical Center is across the street and the Metropark Station and Garden State Parkway are close by. The population within a five-mile radius is over 315,000 and within one mile the average annual household income is more than $162,000.
Built in and 1973 and renovated in 2017, The Shoppes at Colonial Village's retail tenants include Italian seafood restaurant LouCas, Frappe Joe Coffee, and Bernstein Fashions. The offices are occupied by educational services, orthopedics, endodontics, dermatology, orthodontics, and general dentistry tenants.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.