307 Main St. in Madison — Courtesy: Marcus & Millichap
By Joshua Burd
A buyer has paid nearly $6 million to acquire a roughly 10,000-square-foot retail property in Madison, under a sale arranged by Marcus & Millichap.
Brokers with the firm represented the seller, an undisclosed LLC, in the transaction at 307 Main St. Another private entity acquired the 10,011-square foot property known as Starbucks Plaza for $5.85 million.
“Multitenant retail has certainly been one of the asset classes experiencing the most challenges during the COVID-19 crisis,” Marcus & Millichap said in a news release. “However, the scarcity of quality retail with parking in one of New Jersey’s most sought-after downtown locations, especially when anchored by a national tenant like Starbucks, is what attracted the buyer to this opportunity.”
Marcus & Millichap investment specialists Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz completed the assignment. The brokers also represented the buyer.