COLONIA, NJ — Marcus & Millichap announced the sale of Inman Shopping Plaza (pictured), a 33,480 s/f strip center tenanted by Walgreens, Dunkin Donuts and Santander Bank among other national retailers. The building is located in Colonia, NJ, according to Brian Hosey, regional manager of the firm’s New Jersey office. The asset sold for $9.95 million representing a 6.29% cap rate.
Michael Lombardi, vice president investments in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. Lombardi also represented the buyer in this transaction, who completed their 1031 exchange with the all cash purchase.
In a second transaction, Marcus & Millichap announced the sale of Cranford Square, a 34,573 s/f retail property located in Cranford, NJ. The asset sold for $7.5 million.
Lombardi, together with Robert Angus and Julienne Pape, associates, all in Marcus & Millichap’s New Jersey office had the listing to market the property on behalf of the seller. Lombardi and Angus also represented the buyer in this transaction. The listing team generated sixteen offers in two weeks resulting in a full price offer and closed in less than 30 days from the contract signing.