1812 and 1802 Springfield Ave. in Maplewood — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has paid nearly $4.3 million for two neighboring properties in Maplewood, adding more than 12,000 square feet of retail space in a deal arranged by Marcus & Millichap.
According to a news release, the freestanding buildings at 1812 and 1802 Springfield Ave. are fully leased to Dollar General and Sherwin-Williams, respectively. The former is recently renovated and has a new 10-year lease with two five-year renewal options and scheduled rent increases, while Sherwin-Williams has occupied the latter property since 1986 and recently completed façade improvements.
Marcus & Millichap’s Alan Cafiero, David Cafiero and Dean Matuszewicz marketed the 12,415-square-foot portfolio on the seller’s behalf and procured the buyer. They noted that the properties benefit from a dense urban infill location surrounded by single- and multifamily housing, as well as national retailers such as Advance Auto Parts, Walgreens, Wawa and T-Mobile.
“Credit-tenant net leases in northern New Jersey always generate tremendous demand from the investment community,” said Alan Cafiero, a senior managing director for investments with the New Jersey-based team. “In addition to investment-grade credit, this property was located along one of the main retail corridors in Maplewood with excellent visibility.”
