Marcus & Millichap has sold Matawan Mall, a 20,665-square-foot retail center in Matawan, for $3,050,000, according to a Tuesday announcement.
“Retail centers with a value-add component are among the most sought-after products we sell,” Brent Hyldahl, first vice president investments said. “This property attracted significant interest due to its prime location and considerable growth potential. By utilizing Ten-X and its auction platform, we maximized exposure and had over 15 active bidders on the deal. We’re excited to see the enhancements the new owner will bring to maximize its value.”
Hyldahl, Alan Cafiero, and Seth Goldberg, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller, Brupat Holdings, LLC, and procured the buyer, a local private investor.
Matawan Mall is located at 952 NJ-34, at the signalized intersection of Route 34 and County Road 516. The retail center comprises 11 tenants and is anchored by Dunkin’ and other local establishments. The surrounding area has strong demographics, with more than 147,000 people living within five miles and an average household income of more than $135,000.
