Matawan Mall at 952 Route 34 in Matawan — Courtesy: Marcus & Millichap
By Joshua Burd
A longtime owner has sold a nearly 21,000-square-foot retail center in Matawan for some $3 million, in a newly announced deal by Marcus & Millichap.
Brokers with the firm represented Brupat Holdings LLC in the transaction at 952 Route 34, the site of what’s known as Matawan Mall. They also represented the buyer, a local private investor, touting the 20,665-square-foot property’s location at the signalized intersection of Route 34 and County Road 516 and the area’s strong demographics.
“Retail centers with a value-add component are among the most sought-after products we sell,” said Brent Hyldahl, a first vice president for investments with Marcus & Millichap. “This property attracted significant interest due to its prime location and considerable growth potential. By utilizing Ten-X and its auction platform, we maximized exposure and had over 15 active bidders on the deal. We’re excited to see the enhancements the new owner will bring to maximize its value.”
Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap’s New Jersey office completed the $3.05 million deal. They noted that Matawan Mall is home to 11 tenants, with Dunkin’ and other local establishments as its anchors.