618 Route 22 in North Plainfield — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a net-leased auto parts store in Somerset County for more than $3 million, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented the seller, a personal trust, in its disposition of the 13,222-square-foot Advance Auto Parts location at 618 Route 22 in North Plainfield. The buyer, an undisclosed LLC, paid just over $3.05 million.
“Corporately guaranteed (triple-net-leased) deals are in extremely high demand, especially when they’re located in New Jersey,” said Brent Hyldahl, a member of the Marcus & Millichap brokerage team. “This deal was particularly attractive due to the fresh 10-year lease and high traffic counts. Both parties were happy with the transaction.”
Hyldahl completed the deal alongside Alan Cafiero and Ben Sgambati. All three are investment specialists based in Marcus & Millichap’s Saddle Brook office.