Colliers International has arranged the $12.9 million sale of a 30,000-square-foot retail strip at 346 Route 10 in East Hanover.
The multi-tenanted, one-story building – occupied by Party City, Verizon Wireless, and Jersey Mike’s Subs – was purchased by The Klein Group from JEMB Realty, who had repositioned the property two years ago with upgrades to the facade, parking, HVAC systems, and roof.
“Through creative marketing using multiple traditional and digital channels, including Auction.com, we were able to achieve a strong price for this value-add property, which has good, in-place cash flow from its current tenants,” said Jacklene Chesler, Managing Director at Colliers International, who represented the seller and procured the buyer in the transaction. “Trading at $430 per square foot, with 75 percent occupancy is not only indicative of the lively retail market, it also signals health of the overall commercial investment market.”
Chesler added that the remaining 25 percent of unoccupied space can be leased as one unit or divided into two, which presents significant upside for the new owner.
Route 10 is home to a diverse array of national, brand-name retailers and surrounded by strong demographics, residential neighborhoods, and commercial spaces. Other retailers in close proximity to 346 Route 10 include Bed, Bath & Beyond, Target, Marshalls and Home Depot.Related Articles: