Church Lane Plaza at 2224 Route 130 in North Brunswick — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a nearly 22,000-square-foot highway retail property in North Brunswick for $4.45 million, brokers with Marcus & Millichap said Tuesday.
Known as Church Lane Plaza, the complex at 2224 Route 130 is 90 percent occupied by tenants such as Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness and Thai Lotus, among others, according to a news release. It’s now owned by a New Jersey-based LLC, following the deal brokered by Marcus & Millichap’s Brent Hyldahl and Alan Cafiero.
“Despite the rate hikes, investor demand for multitenant retail in New Jersey remains incredibly strong,” said Hyldahl, first vice president investments in the firm’s New Jersey office. “Church Lane Plaza has a great balance of service-based retail tenants all operating on triple net leases. Located on (Route 130), the property benefits from high traffic counts and multiple access points from the highway and Old Georges Road.”
Hyldahl and Cafiero represented the seller and procured the buyer of the 21,080-square-foot complex, which was built in 1991 and sits on 2.94 acres. They added that nearby national tenants include ShopRite, Costco, Dunkin, Walgreens and Starbucks.
