Commercial real estate brokerage firm Marcus & Millichap announced the sale of Lighthouse Plaza located at 300 Atlantic Ave. in Atlantic City. The 189,935-square-foot mixed-use property sold for $17 million, according to Sean Beuche, regional manager of the firm’s Philadelphia office.
Lighthouse Plaza is a 19-story mixed-use property with 266 residential units and four commercial spaces. It is located in the northern part of Atlantic City with views overlooking both the Absecon Inlet and the Atlantic Ocean. Absecon Lighthouse is a historically preserved space located behind the property that ensures no new development will block its exquisite ocean views. The subject property also affords easy access to nearby hotels, casinos and other retail destinations. Almost half of the building was recently renovated and each of its units currently include new kitchen and bathroom vanities, walk-in closets and washer/dryer hookups. The property is currently 66% occupied and averages five new tenants every month.
Lawrence Gariano and Michael A. Hinchman, senior associates in Marcus & Millichap’s Philadelphia office, along with Jeremy Berinson, a sales associate in the office, had the exclusive listing to market the property on behalf of the seller, Metatlantic Realty Associates LP, and secured the buyer, 300 Atlantic LLC. Brian C. Hosey, Marcus & Millichap’s broker of record in New Jersey, assisted in closing this transaction.
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