Marcus & Millichap on Tuesday said it arranged the sale and financing of a mixed-use property located in Red Bank for $12.75 million.
The 28,110-square-foot asset is located at 2-10 Broad St. with frontage on both West Front Street and Broad Street. Built in 2000, the three-story property is currently anchored by the national retailer Urban Outfitters and features ground-floor retail space with two floors of unique, boutique office space overlooking the Navesink River.
Marcus & Millichap Capital Corp. arranged the acquisition financing.
“The market for best-in-class mixed-use assets remains strong despite market conditions,” Alan Cafiero, senior managing director, investments, said. “Front & Broad is second-to-none in terms of quality and location.”
Cafiero, Brent Hyldahl and Seth Goldberg, 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. The buyer, a New Jersey-based limited liability company, was also procured by Cafiero, Hyldahl and Goldberg,
Joseph Belgiovine, first vice president, capital markets with MMCC in New Jersey, arranged financing on behalf of the borrower.
“This asset is a top-quality build housing strong credit tenants in an A-plus location,” Belgiovine said. “Our lender recognized these fundamental core strengths and provided our client with the most aggressive financing terms available in the market.”