MARCUS & MILLICHAP ARRANGES THE SALE OF A 54,819SF NEIGBORHOOD CENTER WITH DEVELOPMENT POTENTIAL

TOMS RIVER, NJ, July 21, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Fischer Plaza, a 54,819-square foot retail property located in Toms River, NJ. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $5,200,000.

Derrick Dougherty and Mark Krantz, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Throughout the sale process, the sellers were total professionals and took a proactive approach to close the deal before year end.” Said Krantz. The buyer, a limited liability company, was secured and represented by Derrick Dougherty, Mark Krantz and Scott Woodard, investment specialists in Marcus & Millichap’s Philadelphia office. “The purchaser should be commended for the way they handled the uncontrollable obstacles throughout the due diligence period.” Said Woodard.

Fischer Plaza is located at 1001 Fischer Blvd in Toms River, NJ. Toms River is the County seat of Ocean County and is considered one of the safest suburban areas in the county boasting Healthy Demographics and Sustainable Population Growth. Within a 5-mile radius the Average HH Income is $94K and a Population of 149K. The asset presented the opportunity for a potential buyer to own a 54,819 square foot, 91% occupied neighborhood center with a nice mix of national, regional, and local tenants. “Fischer Plaza is a nice combination of a stabilized shopping center with a core tenant roster blended with a value-add opportunity to re-position the end cap bank space.” Said Krantz. In addition to the centers high occupancy the center has two value add components with the Former Bank end cap with drive thru (2,670 square feet) and a development opportunity south of Crunch Fitness space.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.