Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Union Avenue Plaza in Somerville, New Jersey. The asset sold for $3,525,000.
“In today’s fluctuating market, surety of closure is paramount. The auction process provides a clear framework, a definitive timeline, and creates a competitive environment.,” said Brent Hyldahl, first vice president of investments. “By utilizing Ten-X and their platform, we were able to generate a market with intense bidding competition and are proud to have delivered for both the seller and the new owner.”
Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, SNS Real Estate Investment Group, LLC, and procured the buyer, an individual/personal trust.
Located at 21-29 Union Ave, this 20,866-square-foot retail center is situated near major highways, including Interstate 287, US-22, and 202. The center has a total of eight tenants and is fully occupied and anchored by the New Jersey Department of Motor Vehicles, who has been operating here since the 1980s. Nearby national retailers include Macy’s, Starbucks, Chipotle, and Chase Bank and it is just 1.2 miles from Downtown Somerville.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
