Real Estate

Marcus & Millichap Completes $1,125,000 Sale

Marcus & Millichap announced the sale of Grove Street Strip Center, a 4,766-square-foot retail property located in Bloomfield, according to Brian C. Hosey, regional manager of the firm’s New Jersey office. The asset sold for $1,125,000.

Michael Lombardi and Alexander Pildes, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The team also secured and represented the buyer in this transaction.

Grove Street Strip Center is located at 143-153 Grove Street in Bloomfield.  The five-tenant strip center received immediate attention in the form of seven offers, ultimately competing for the asset which closed at listing price.  “There is a strong buyer pool for small retail deals in good locations,” says Lombardi, “people are still seeking returns on their money and choosing real estate as a place for their capital.”

Related Articles: