Marcus & Millichap completed the sale of Park Plaza, a retail center in Matawan, NJ. The asset sold for $14.67 million.
“Park Plaza attracted significant investor interest due to its diverse tenant mix, strong visibility and strategic location within one of Monmouth County’s most established retail corridors,” said Seth Goldberg, associate director investments in Marcus & Millichap’s New Jersey office. “Well-positioned neighborhood shopping centers with durable cash flow continue to be highly sought after, and this transaction reflects the sustained demand for quality retail assets in New Jersey.”
Goldberg, Brent Hyldahl and Alan Cafiero of Marcus & Millichap marketed the property for the seller and procured the buyer, both private investors from New Jersey.
Located at 343-351 State Rte. 34, the retail center sits on a 5.86-acre lot totaling 61,750 square feet. It was built in 1986 and contains 20 suites. The rent roll features a diverse mix of dining, lifestyle, retail and service-oriented tenants, including a Dunkin’ with a drive-thru.
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