1835 Route 35 in Middletown — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired more than 29,000 square feet of renovated retail space on Route 35 for $5.8 million, brokers with Marcus & Millichap announced Wednesday.
In a news release, the listing team said the Middletown property drew interest due to its highway location and daily traffic counts of more than 35,000 vehicles. Benjamin Moore anchors the 1.94-acre property at 1835 Route 35 and is one of 10 tenants, all of which benefit from their proximity to major retailers such as Target, ShopRite and TJ Maxx.
Marcus & Millichap’s Alan Cafiero, Brent Hyldahl and Seth Goldberg marketed the 29,411-square-foot property on the seller’s behalf and procured the buyer.
“Service-oriented strip centers with smaller footprint stores are commanding significant interest from the investment community,” said Cafiero, a senior managing director for investments. “That, combined with a recently renovated building with great visibility along one of New Jersey’s most trafficked highways, made this a highly coveted asset.”