Washington Square West at 6712 Washington Ave. in Egg Harbor Township — Courtesy: Marcus & Millichap
By Brett Johnson
A private investor has acquired a multitenant office complex in Egg Harbor Township for just over $3 million, Marcus & Millichap announced Monday.
In a news release, the brokerage team said the property, Washington Square West at 6712 Washington Ave., includes three buildings that are almost fully occupied. The 2.43-acre campus houses 25 local businesses as tenants across 27,345 square feet.
The seller of the property was a local family investor. Mark Krantz, a first vice president for investments at Marcus & Millichap, listed the complex and procured the buyer, a private investor in Toms River. John Horowitz, broker of record in New Jersey, assisted in closing the $3.075 million transaction.
Krantz, in his firm’s announcement, called the deal a “rare first-generation sale” from a family that had owned and operated the office complex for more than 35 years.
“Washington Square West stands strong in a thriving suburban area with high occupancy and a well-balanced tenant mix,” Krantz said. “Millennials are in their high-income earning years and are flocking to the suburbs for more room and better school districts.”
Brett Johnson is a freelance writer.
