Marcus & Millichap announces $5.9M retail center sale

Marcus & Millichap announced Wednesday the $5.9 million sale of a retail center in Livingston, according to Brian C. Hosey, regional manager of the firm’s New Jersey office.

The 7,846-square-foot property at 1 W. Mount Pleasant Ave. is 100 percent occupied. It is currently leased to Verizon Wireless, Starbucks, Haven Savings Bank and Tracey Butler Home Design.

Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap’s Northern New Jersey office were the listing and selling agents, and the seller was an undisclosed New Jersey-based developer. The property was purchased by a New York-based 1031 exchange buyer.

“There was a tremendous amount of activity on this property, with six written offers in the first two weeks of marketing,” Cafiero said. “The location of the asset and the outstanding tenant line up drew the investors to this opportunity.”