Park Plaza at 343-351 Route 34 in Matawan — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a nearly 62,000-square-foot retail center in Matawan for $14.67 million, in a newly announced deal by Marcus & Millichap.
According to the listing team, the property at 343-351 Route 34 contains 20 suites with a diverse mix of dining, lifestyle, retail and service-oriented tenants, including a Dunkin’ with a drive-thru. Those users benefit from the site’s proximity to multiple retailers, restaurants and residential areas, as well as major corridors such as the Garden State Parkway and routes 9, 18, 35 and 36.
Marcus & Millichap’s Seth Goldberg, Brent Hyldahl and Alan Cafiero marketed the 61,750-square-foot center, which was built in 1986 and sits on a 5.86-acre lot, on the seller’s behalf.
They also procured the buyer, also a private investor from New Jersey.
“Park Plaza attracted significant investor interest due to its diverse tenant mix, strong visibility and strategic location within one of Monmouth County’s most established retail corridors,” said Goldberg, an associate director with Marcus & Millichap’s New Jersey investments team. “Well-positioned neighborhood shopping centers with durable cash flow continue to be highly sought after, and this transaction reflects the sustained demand for quality retail assets in New Jersey.”
