Galleria 27 at 52 State Route 27 in Edison — Courtesy: Marcus & Millichap
By Joshua Burd
A pair of retail properties in Bergen and Middlesex counties have new owners following separate investment sales arranged by Marcus & Millichap.
The firm last week announced the sale of the two centers, at 513 Broadway in Westwood and 52 State Route 27 in Edison. They sold for $2.1 million and $2.45 million, respectively.
The Westwood property is a 4,072-square-foot building that is net-leased to Chase Bank, Marcus & Millichap said in a news release. Michael Lombardi, first vice president and Steven Schiavello, retail investment specialist in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor.
The team, along with Greg Babaian, represented the purchaser, an all-cash exchange buyer in the transaction, after receiving seven offers.
“Chase had a little over two years remaining on their lease, but its location and solid deposits attracted a lot of interest,” Lombardi said.
The Edison property is an 8,600-square-foot, two-story center with tenants such as a pharmacy, a nail salon, Papa John’s and others, according to the brokerage. Lombari, along with Alexander Pildes of Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller and secured and represented the buyer.
Both were private investors.
“Due to the amount of activity and tight timeframe of the buyer, the transaction only took 25 days from contract to closing,” Pildes said.