Somerset Plaza Shopping Center in Franklin Park — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a Somerset County shopping center for nearly $13 million, in a transaction arranged by brokers with Marcus & Millichap.
The real estate services firm on Thursday announced the sale of the Somerset Plaza Shopping Center, a 67,530-square-foot complex in the Franklin Park section of Franklin. The property, located on Route 27 between Delar Parkway and Stewarts Avenue, changed hands for nearly $12.8 million.
Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap’s New Jersey office procured the buyer.
“The seller of the property was not actively marketing the property for sale, but would entertain an offer,” Cafiero said. “We had an excellent local buyer who we have closed with before that we brought to the table and made the deal.”
The 11 tenants at the center include Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.
“Although the headlines are saying that there are significant issues in the retail sector,” Cafiero said. “We are still seeing a tremendous demand for well-located and well leased shopping centers in New Jersey.”
The brokers touted the property’s location within affluent Somerset County and its proximity to routes 130 and 206.
