Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Oct. 30 the sale of a fully occupied, six-tenant retail center in Paterson for $5,250,000.
The 12,892-square-foot property is located at 385 McLean Boulevard and near Interstate 80 and routes 4, 21, 208, U.S. 46 and Route 3, with national retailers nearby.
“Highway strip centers with service and food tenants are among the most sought-after product types on the market right now,” said Alan Cafiero, senior managing director of investments in Marcus & Millichap’s New Jersey office. “We had multiple offers on this asset and ultimately sold the property to a local 1031 exchange buyer.”
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer.
The property is anchored by Bank of America and Wingstop. Additional tenants include Krauszer’s, Tony’s Bagels, Mina Place and Crispy Beauty, all under triple-net leases. The center sits on a 0.96-acre parcel with 71 parking spaces and an average daily traffic count of more than 41,800 vehicles along McLean Boulevard.
