Shifting Portfolio: NJ Seller Celebrates Shopping Center Sale
christopherwiener
Aug 23, 2023
2 min read
Updated: Sep 5, 2023
Cinnaminson, NJ, July 31st, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Chestnut Hill, a 9,510-square-foot multi-tenant property located at 2806 US-130, Cinnaminson, NJ, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,075,000.
Mark Krantz, Chase D’Arcangelo, and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor based out of New Jersey. “The seller has maintained ownership of the property for over 35 years and intends to initiate a 1031 exchange with the proceeds. The purchaser is based in central new jersey and is familiar with the market due to his other real estate holdings being in the area. Both the seller and the buyer were a pleasure to work with throughout the entirety of the transaction.” said Mark Krantz.
“Chestnut Hill Plaza is an excellent strip center along Route 130 in Cinnaminson where the market has only exhibited consistent improvement over time,” said Mark Krantz. Chestnut Hill has excellent real estate fundamentals on 1.55 acres with 75 parking spaces and 9,510 of leasable area, accommodating various small tenant bays.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting, and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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