Marcus & Millichap brokers $11.75M sale of shopping center in Manalapan

Marcus & Millichap, a commercial real estate investment firm, announced the $11.75 million sale of a shopping center in Manalapan, according to Brian C. Hosey, regional manager of the firm’s New Jersey office.

The property, Tennent 9 Shopping Center, is located at 700 Tennent Road.

Alan Cafiero and Ben Sgambati of the firm’s same office brokered the deal and represented the seller. Brent Hydahl joined the duo in procuring the buyer. Both were undisclosed.

The 60,000-square-foot shopping center is anchored by a 45,000-square-foot NetCost Market, a European specialty supermarket. The remaining tenants are a mix of local and regional businesses and a Rite Aid pharmacy.

The property is within close access to routes 9, 18 and 33.