NAI Hanson’s Jonathan Kristofich and John Schilp represented the private buyer and seller in the transaction.
Located at 2176 U.S. Route 206, the property is a freestanding retail space sitting on a sizable 1.63 acres of land. It is conveniently centered between Somerville and Princeton, which is within proximity to many employers in the higher education, medical and pharmaceutical industries, as well as major retailers including ShopRite, Wawa and Dunkin Donuts. In addition, the property is ideally situated in Montgomery, where both strong household incomes and well-performing schools make it highly sought after by families and businesses alike.
“Right now, a significant portion of the market’s above-average liquidity can be attributed to investors looking for opportunities to deploy capital from 1031 exchanges,” Kristofich said. “However, the current tightness of the market can often make it difficult for investors to find ideal opportunities to deploy capital and meet the timing requirements of the program. This transaction exemplifies how both 1031 exchange buyers and sellers hoping to capitalize on a red-hot real estate market can execute deals in an efficient and productive manner through working with a highly experienced broker.”