Marcus & Millichap on Monday announced it helped facilitate the sale of a Walgreens-anchored shopping center, a 26,176-square-foot retail property located in Clinton. The asset sold for $6.18 million.
“This shopping center has been servicing the town of Clinton for decades,” Brent Hyldahl, first vice president, investments, said. “Anchored by Walgreens with a fresh 10-year lease extension, the property garnered considerable interest from the investment community. We were able to secure a very likely buyer and assist in a relatively smooth transaction for the sellers.”
Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, FMCD Realty LP. The buyer, a New Jersey-based private investor, was also procured by Hyldahl and Cafiero.
The Walgreens-anchored shopping center is located at 37 Old Highway 22 and is near many national retailers, including Walmart, ShopRite, Verizon, T.J. Maxx and McDonald’s. Built in 1957, the 100% occupied shopping center sits on a 2.4-acre lot and is easily accessible to major highways including Interstate 78 and Route 22.