Real Estate

Marcus & Millichap Facilitates $5.95 Million Sale of Shopping Center in Northfield

Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Island Gym Plaza, a 48,536-square foot, multi-tenant shopping center. The asset sold for $5,950,000.

“The seller’s strategy was to geographically condense their portfolio closer to home,” says Derrick Dougherty, vice president of investments. “They were looking to focus on single-tenant assets, in an effort to preserve equity and eliminate the management component.”

Dougherty, along with Dean Zang, senior vice president investments in the firm’s Washington D.C. office, represented the seller, in a collaborative effort with DSM Commercial Real Estate Services. The buyer was secured and represented by Shannon Bona, an associate in Marcus & Millichap’s Philadelphia office. J.D. Parker, the broker of record for New Jersey, assisted with closing this transaction.

“The buyer, a distinguished owner and operator of single-tenant NNN assets, felt confident diversifying his investments into multi-tenant shopping centers because of the attractive yield in that asset class versus yields in the net-leased world,” said Bona.

The shopping center is presenting 95 percent occupied by a mix of local and regional tenants, anchored by Island Gym. The property is located at a signalized corner, 801 Tilton Road, in Northfield, NJ, which is in southern New Jersey, approximately ten miles from Atlantic City to the northeast and fifty miles from Philadelphia to the west. Three major highways, Route 9, the Garden State Parkway and the Atlantic City Expressway, intersect just miles from the Plaza, and Tilton Road is the major thoroughfare for the surrounding area and a number of New Jersey shore communities.

“We had a handful of offers that attracted several buyers due to the familiarity of property’s location, off of exit S7 en route to the Shore,” concluded Dougherty.

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