175 Mount Pleasant Ave. in Newark — Courtesy: Marcus & Millichap
By Joshua Burd
A private owner has sold a nearly 32,000-square-foot Newark industrial building for $6 million, in a newly announced transaction by Marcus & Millichap.
According to the brokerage team, the property at 175 Mount Pleasant Ave. includes an original structure built in 1960 and containing 22,429 square feet. In 2009, ownership added a 28-foot, high-bay extension.
Marcus & Millichap’s Jed P. Matricaria and Scott Geller, investment specialists in the firm’s New Jersey office, represented the seller. Setz Katz of Legacy Commercial Realty LLC secured and represented the purchaser.
“This is a unique asset in that it has a retail showroom, offices, workshop, high bay addition, ceilings of varying heights and private fenced parking lot,” Matricaria said. “These attributes give the property a lot of versatility, which provided us the opportunity to market to multiple types of investors and owner-users. Our database of qualified buyers combined with Marcus & Millichap’s national footprint generated multiple offers, allowing us to negotiate seller-favorable terms with the highest price the market would bear.”
In a news release, Marcus noted that the 31,429-square-foot property is one mile from downtown Newark and one block from Route 21.
“Despite generating multiple offers ourselves, the buyer who stepped up in the end was procured from an outside source,” Geller said. “Working with our client’s best interest in mind, we successfully collaborated on this deal and were able to close 12 percent above the asking price and without a re-trade. We attribute this to our competitive marking process and specialization in the asset type. It was a pleasure to successfully get this deal across the finish line for our clients.”
