Marcus & Millichap on Monday said it helped facilitate the sale of Morris Turnpike Strip Center, a 10,070-square-foot retail property located in Short Hills. The asset sold for $7 million.
“There was significant demand for this asset, as it sits in the heart of one of the wealthiest ZIP codes in the country,” Alan Cafiero, senior managing director, investments, said. “There were multiple offers, and the final buyer was completing a 1031 tax-free exchange.”
Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. The buyer, a New York-based limited liability company, was also procured by the trio.
Morris Turnpike Strip Center is located at 688 Morris Turnpike and has great visibility at the T-intersection of Morris Turnpike and Cleveland Place. Tenants include T-Mobile, Mattress Firm and Alpha Fit Club, all of which are on triple net leases. Built in 1959, the retail center sits on a 0.8-acre parcel and has 44 parking spaces. Nearby national retailers include ShopRite, Bed Bath & Beyond, Panera Bread and AT&T.