Union Avenue Plaza in Hazlet — Courtesy: Marcus & Millichap
By Tina Traster
Marcus & Millichap has negotiated the sale of Union Avenue Plaza, a Quick Check-anchored retail center in Hazlet.
The brokerage firm said the 17,164-square-foot property, located at the jug handle intersection of Route 36 and Union Avenue, offers easy access to surrounding neighborhoods, schools and businesses. Jason Petrick of Marcus & Millichap’s New Jersey office represented both parties.
“There is strong demand for retail investments and that is evidenced by Union Avenue Plaza being purchased for a record-breaking 3.88 percent cap rate,” Petrick said. “It was a pleasure working closely with ownership over the years, in an advisory capacity, to physically and operationally reposition the asset to meet current market expectations.
“In addition, working closely with the investor during their due diligence phase to create and implement a value-add business strategy at closing.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and a former staffer at the Bergen Record.
