Lighthouse Plaza at 300 Atlantic Ave. in Atlantic City — Courtesy: Marcus & Millichap
By Joshua Burd
The longtime owner of a 266-unit apartment tower in Atlantic City has sold the building for $17 million, in a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented Metatlantic Realty Associates LP, the New York-based seller, in the trade of what’s known as Lighthouse Plaza at 300 Atlantic Ave. They also secured the buyer, listed as 300 Atlantic LLC, noting that the 19-story, 189,935-square-foot property includes both apartments and four commercial spaces.
Marcus & Millichap senior associates Lawrence Gariano and Michael A. Hinchman and Sales Associate Jeremy Berinson listed the property from the firm’s Philadelphia office. Brian C. Hosey, Marcus & Millichap’s broker of record in New Jersey, assisted in the closing.
In a news release, the brokerage firm said Lighthouse Plaza has views of both the Absecon Inlet and the Atlantic Ocean. It also sits in front of the historic Absecon Lighthouse and is minutes from nearby hotels, casinos and retail. Marcus added that nearly half of the building was recently renovated, while each unit has new kitchen and bathroom vanities, walk-in closets and washer/dryer hookups.
The building is currently 66 percent occupied. Public records show that Metatlantic Realty Associates purchased the property in 2004.