479 Route 79 in Morganville — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has sold a nearly 23,000-square-foot retail center in Monmouth County, brokers with Marcus & Millichap announced Monday.
According to the investment sales firm, an undisclosed buyer paid nearly $4.21 million for what’s known as Morganville Square, which sits at 479 Route 79 in the Morganville section of Marlboro. Alan Cafiero, Brent Hyldahl and Ben Sgambati, investment specialists in Marcus & Millichap’s New Jersey office, represented a private LLC in its sale of the 22,811-square foot property, while Cafiero, Hyldahl and Seth Goldberg represented the buyer.
“We received an incredible amount of interest in this asset right out of the gate,” Hyldahl said. “The property sits on over three acres and has a 15-tenant roster that significantly mitigates landlord risk.”
