Secaucus shopping center fetches $43M, CBRE says

A Secaucus retail center sold recently for $43 million, according to the team at CBRE, which represented the owner and procured the buyer.

The property at 400 Mill Creek Drive is a 117,542-square-foot center that features tenants such as Marshalls, Home Goods, Michael’s and PetSmart. The property, in the Harmon Meadow live/work/play development, is across the street from the Mall at Mill Creek, which fetched $76.2 million in an August sale.

CBRE’s Jeffrey Dunne, David Gavin and Travis Langer, with the firm’s National Retail Partners unit, represented 400 Mill Creek Drive LLC in the transaction and found the undisclosed purchaser.

“Four Hundred Mill Creek provided a rare opportunity to purchase a dominant center within a vibrant, mixed-use development such as Harmon Meadow, only three miles from Manhattan,” Dunne said in a prepared statement. “We expect the purchaser will fare well with the acquisition, due to the strong tenant sales volumes, high credit rent roll and easily accessible location in the high-density, infill Secaucus market.”