385 McLean Blvd. in Paterson — Courtesy: Marcus & Millichap
By Joshua Burd
A local investor has purchased a nearly 13,000-square-foot strip center in Paterson for $5.25 million, brokers with Marcus & Millichap announced Thursday.
According to a news release, the property at 385 McLean Blvd. is fully occupied by six tenants under triple-net leases. They include Bank of America and Wingstop, which anchor the center alongside Krauszer’s, Tony’s Bagels, Mina Place and Crispy Beauty, all of which benefit from its location just a half-mile from the city’s Broadway and minutes from other key corridors.
The listing team added that the 12,892-square-foot property sits on just under an acre with 71 parking spaces and an average daily traffic count of more than 41,800 vehicles.
“Highway strip centers with service and food tenants are among the most sought-after product types on the market right now,” said Alan Cafiero, a senior managing director for investments in Marcus & Millichap’s New Jersey office. “We had multiple offers on this asset and ultimately sold the property to a local 1031 exchange buyer.”
Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer.
