Marcus & Millichap on Tuesday announced it sold Washington Square West, a multi-tenant office complex located in Egg Harbor Township for $3,075,000.
“This is a rare first-generation sale by a family who has owned and operated this office complex for over 35 years. Washington Square West stands strong in a thriving suburban area with high occupancy and a well-balanced tenant mix,” Mark Krantz, first vice president investments, said. “Millennials are in their high-income earning years and are flocking to the suburbs for more room and better school districts.”
Krantz had the exclusive listing to market the property on behalf of the seller, a local family investor, and procured the buyer, a private investor based in Toms River. John Horowitz, broker of Record in New Jersey, assisted in closing the transaction.
Washington Square West spans 2.43 acres at 6712 Washington Avenue in Atlantic County. Built in 1989, the property features 27,345 square feet of office space across three buildings and is currently almost fully occupied. Its tenants include 25 local businesses offering services in mental health, law, finance, medicine and government.
