By Joshua Burd
A local investor has paid nearly $13 million to purchase a 67,500-square-foot retail center in Franklin Township, according to brokers with Marcus & Millichap.
The firm said Tuesday that it procured the buyer for the property known as Somerset Plaza Shopping Center, located in the town’s Franklin Park section. Sitting at 3151 Route 27, the complex is home to 11 tenants including Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.
“The seller was not actively marketing the property for sale, but would entertain an offer,” said Alan Cafiero, one of the Marcus & Millichap brokers involved in the deal. “We had an excellent local buyer who we have closed with before that we brought to the table and made the deal.”
Cafiero brokered the nearly $12.8 million transaction alongside Brent Hyldahl, and Ben Sgambati of the firm’s New Jersey office.
“Although the headlines are saying that there are significant issues in the retail sector, we are still seeing a tremendous demand for well-located and well leased shopping centers in New Jersey,” Cafiero said.