176 Route 202 in Flemington — Courtesy: Marcus & Millichap
By Joshua Burd
A family investment group has sold a nearly 60,000-square-foot retail center in Flemington for $4.7 million, brokers with Marcus & Millichap announced Friday.
Known as Hunterdon Commons, the property at 176 Route 202 is home to 13 tenants from the fitness, experiential, retail and service-oriented sectors and was 97 percent occupied at the time of the sale. Those businesses benefit from the asset’s location near multiple shopping centers and Hunterdon Central High School, as well as its frontage on a highway that sees more than 46,000 vehicles per day.
Marcus & Millichap’s Brent Hyldahl and Alan Cafiero represented JDS Family Investments LLC in the sale. The firm’s Seth Goldberg, along with Hyldahl and Cafiero, procured the buyer.
“Retail fundamentals remain strong for properties that offer a balanced tenant mix and a proven operating history,” said Hyldahl, managing director with the firm’s New Jersey investments team. “Hunterdon Commons presented an opportunity that appealed to a broad range of investors, allowing us to generate a competitive sales process and deliver a successful outcome for our client.”
In a news release, the brokers noted that the 57,935-square-foot center was built in 1989 and renovated in 2017. Occupying a 5.09-acre lot, the property is minutes from routes 31 and 202 thanks to its proximity to the Flemington Circle.
