Franklin Commons at 703 Broad St. in Shrewsbury — Courtesy: CBRE
By Joshua Burd
A private investor has paid $2.3 million for a nearly 15,000-square-foot retail property in Monmouth County, in the largest of four newly announced transactions by CBRE.
Brokers with the firm represented the seller of the multitenant, 14,713-square-foot complex at 691-703 Broad St. in Shrewsbury. Known as Franklin Commons, the property is a half-mile from the high-end lifestyle center known as The Grove.
CBRE’s Nat Gambuzza and Steve Mariani completed the deal, with assistance from Steve Winters. The sale was among four transactions announced Tuesday in which Gambuzza and Mariani represented local private investors, with a combined value of $6.2 million.
“These properties had been languishing in the market for a long time prior to us taking over as exclusive sale agents,” said Gambuzza, a senior vice president who leads CBRE’s eight-person New Jersey investment properties group. “By utilizing all of the tools available at CBRE, including market research, demographics and targeted investor reports, we were able to find the ideal buyers for each of the assets.”
The deals also include the roughly $1.8 million sale of 47 Raritan Ave., a fully occupied, 11,000-square-foot office building in Highland Park. Gambuzza and Mariani also represented the buyer.
Meantime, the team represented the seller of Marion Plaza, a 7,000-square-foot center at 16-22 Marshall Hill Road in West Milford. CBRE said the center, which sold for $1.4 million, is home to five mom-and-pop operators and two apartments
In Lincroft, the investment properties group brokered the $650,210 sale of 11 Middletown-Lincroft Road, with assistance from CBRE’s Wesley Moore. The 5,911-square-foot, single-tenant property was vacant at the time of the transaction.
Gambuzza and Mariani also represented the buyers in the West Milford and Lincroft deals.