1-21 Franklin Turnpike in Mahwah — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a fully leased shopping center in Mahwah for nearly $11 million, under a newly completed transaction by Marcus & Millichap.
The firm represented both parties in the sale of 1-21 Franklin Turnpike, a 26,777-square-foot complex just east of Route 202 and south of the New York State line. A private buyer purchased the two-acre property for $10.612 million.
“Newer construction shopping centers rarely hit the market in Bergen County, especially in one of the top towns like Mahwah,” said Alan Cafiero, a Marcus & Millichap investment specialist. “As soon as we began marketing the property, we received a significant amount of interest and multiple offers.”
Cafiero represented the seller alongside colleagues Ben Sgambati, David Cafiero and John Moroz. Scott Geller, also with Marcus & Millichap, procured the buyer.