Marcus & Millichap closed the sale of two adjacent retail properties in Maplewood, NJ for $4,262,500. Located at 1812 and 1802 Springfield Ave., the 12,415-square-foot freestanding properties are leased to Dollar General and Sherwin-Williams.
“Credit-tenant net leases in northern New Jersey always generate tremendous demand from the investment community,” said Alan Cafiero, senior managing director investments. “In addition to investment-grade credit, this property was located along one of the main retail corridors in Maplewood with excellent visibility.”
Alan Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller and procured the buyer.
The Dollar General building was recently renovated and features a new 10-year lease with two five-year renewal options and scheduled rent increases. Sherwin-Williams has occupied the site since 1986 and recently completed façade improvements. Other national retailers nearby include Advance Auto Parts, Walgreens, Wawa and T-Mobile.
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