313 Millburn Ave. in Millburn — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a nearly 10,000-square-foot retail center in downtown Millburn for $3.2 million, brokers with Marcus & Millichap announced Wednesday.
The team of Alan Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in the firm’s New Jersey office, represented a personal trust in the deal with a New York-based buyer. Located at 313 Millburn Ave., the 9,352-square-foot property is home to several businesses in a high-traffic section of the central business district.
“We received significant interest in this property resulting in over 10 written offers,” Alan Cafiero said. “The property’s prime corner location in one of the most highly sought-after submarkets in the state drew interest to the asset.”
He noted that the buyer completed the deal as part of a Section 1031 like-kind exchange.