Marcus & Millichap helped trade a net leased QuickChek gas/convenience property located in Somerset for $7.065 million, according to a Monday announcement from John Horowitz, first vice president and division manager of the firm’s Manhattan office.
“This trophy asset commanded commensurate pricing, even in the face of rising interest rates and market uncertainty,” Matthew Klang, licensed sales associate with Marcus & Millichap, said. “We’re continuing to see a flight to quality, and this all-cash, compressed cap rate deal affirms that you are still seeing stellar results when a property is marketed effectively.”
Klang and Michael Tuccillo, investment specialist in M&M’s Manhattan office, had the exclusive listing to market the property on behalf of the developer. Horowitz, broker of record in New Jersey, assisted in closing this transaction.
Located at 1850 Easton Ave., the property is accessible immediately off Interstate 287, a connecting thoroughfare for area commuters that sees over 43,000 vehicles per day. Somerset is a densely populated suburban New Jersey submarket in close proximity to the New York City MSA. The property benefits from co-tenancy with a Bristal Assisted Living Community and a future hotel site and is prominently and strategically positioned for highway traffic and accessibility.