Marcus & Millichap said it recently brokered the sale of a 31,429-square-foot industrial property in Newark for $6 million.
Jed Matricaria and Scott Geller, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Setz Katz of Legacy Commercial Realty LLC secured and represented the purchaser.
Located at 175 Mount Pleasant Ave., the asset was built in 1960, with the original structure containing 22,429 square feet, and, in 2009, a 28-foot, high-bay extension was added to its footprint. It is located one mile from downtown Newark and one block from Route 21.
“This is a unique asset in that it has a retail showroom, offices, workshop, high bay addition, ceilings of varying heights and private fenced parking lot. These attributes give the property a lot of versatility, which provided us the opportunity to market to multiple types of investors and owner-users.” Matricaria commented. “Our database of qualified buyers, combined with Marcus & Millichap’s national footprint, generated multiple offers, allowing us to negotiate seller-favorable terms with the highest price the market would bear.”
Geller commented: “Despite generating multiple offers ourselves, the buyer who stepped up in the end was procured from an outside source. Working with our client’s best interest in mind, we successfully collaborated on this deal and were able to close 12% above the asking price and without a retrade. We attribute this to our competitive marking process and specialization in the asset type. It was a pleasure to successfully get this deal across the finish line for our clients.”