400 Mill Creek Drive in Secaucus — Courtesy: CBRE
By Joshua Burd
The owner of a shopping center in Secaucus has sold the complex for $43 million, marking the second sale in four months of a retail property in the town’s Harmon Meadow section.
Brokers with CBRE on Tuesday announced the sale of 400 Mill Creek Drive, a 117,542-square-foot power center near Route 3 and the New Jersey Turnpike, after marketing the site on behalf of 400 Mill Creek Drive LLC. The firm did not identify the buyer, which now takes over a complex with tenants such as Marshalls, Home Goods, Michael’s and PetSmart.
The CBRE team of Jeffrey Dunne, David Gavin, Travis Langer and Jeremy Neuer represented the owner while also procuring the buyer.
“400 Mill Creek provided a rare opportunity to purchase a dominant center within a vibrant, mixed-use development such as Harmon Meadow, only three miles from Manhattan,” Dunne said. “We expect the purchaser will fare well with the acquisition due to the strong tenant sales volumes, high credit rent roll, and easily accessible location in the high-density, infill Secaucus market.”
The deal follows the $76.2 million sale of the Mall at Mill Creek, a 306,000-square-foot retail center sitting directly across the street, which the CBRE team also brokered. Both properties sit within the master-planned, 200-acre Harmon Meadow district.