881 Main St. in Sayreville — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a nearly 26,000-square-foot shopping center in Sayreville for some $7.2 million, in a newly announced deal by Marcus & Millichap.
In a news release, the brokerage team said the property at 881 Main St. is 97 percent leased to 14 regional and local tenants, including QuickChek. That helped fuel investor interest for the 25,898-square-foot asset, leading to the $7.196 million sale price.
“Unanchored retail strip centers are one of the most underrated product types in the market,” said Alan Cafiero, a senior managing director of investments with Marcus & Millichap. “The combination of restaurants and service-oriented businesses, which are typically the backbone of the community, almost always fare very well in northern New Jersey. This property was no different as we had eight written offers from different investors.”
Cafiero and Brent Hyldahl, investment specialists based in the firm’s Saddle Brook office, represented an undisclosed seller and procured the buyer. They noted that most of the tenants operate on triple-net leases, adding that the property is minutes from Exit 124 of the Garden State Parkway and surrounded by 238,000 people within a five-mile radius.
