Marcus & Millichap said on Tuesday that it helped trade Church Lane Plaza, a 21,080-square-foot retail property in North Brunswick, for $4,450,000.
“Despite the rate hikes, investor demand for multi-tenant retail in New Jersey remains incredibly strong,” Brent Hyldahl, first vice president investments said. “Church Lane Plaza has a great balance of service-based retail tenants all operating on triple net leases. Located on US-130, the property benefits from high traffic counts and multiple access points from the highway and Old Georges Road.”
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, a private investor, and procured the buyer, a New Jersey-based LLC.
Constructed in 1991 on 2.94 acres, Church Lane Plaza is located at 2224 US-130 in a major retail corridor and off the heavily travelled US-130. Nearby national tenants include ShopRite, Costco, Dunkin’, Walgreens, and Starbucks.
At the time of sale, the retail property was 90% occupied and tenants include Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness, and Thai Lotus, among others.
