745 Route 46 in Parsippany — Courtesy: Marcus & Millichap
By Joshua Burd
A highway retail center in Parsippany has changed hands for more than $9.1 million, brokers with Marcus & Millichap announced Tuesday.
Located at 745 Route 46, the fully occupied property has six units with a combined 32,432 square feet on a 4.1-acre footprint, according to a news release. Tenants include Harbor Freight, which anchors the center while occupying 55 percent of the gross leasable area, along with other retail, restaurant, service and medical tenants.
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz marketed the property on the seller’s behalf and procured the buyer in the $9.11 million deal.
“Northern New Jersey continues to be one of the strongest retail investment markets in the country, driven by dense population, limited new supply and resilient said consumer demand,” said Alan Cafiero, senior managing director for investments with Marcus. “This property’s combination of stable cash flow, diversified tenancy and outstanding highway access made it a compelling investment opportunity that attracted significant buyer interest.”
Built in 1962 and renovated in 2014, the property is part of a corridor that’s filled with restaurants and retailers. Its location along Route 46, meantime, provides easy access to Route 202 and interstates 80, 287 and 280, among other highways.
