1850 Easton Ave. in Somerset — Courtesy: Marcus & Millichap
By Joshua Burd
A developer has sold the site of a net-leased QuickChek gas station and convenience store in Franklin Township for more than $7 million, in a deal arranged by Marcus & Millichap.
Located in the town’s Somerset section, at 1850 Easton Ave., the property is directly off Interstate 287 with the potential to draw from the highway’s daily traffic of more than 43,000 vehicles, according to a news release. Marcus & Millichap’s Matthew Klang and Michael Tuccillo, investment specialists in the firm’s Manhattan office, represented the undisclosed seller in the deal with a private investor.
John Horowitz, who leads the company’s Manhattan team, assisted in closing the $7.065 million deal.
“This trophy asset commanded commensurate pricing, even in the face of rising interest rates and market uncertainty,” Klang said. “We’re continuing to see a flight to quality, and this all-cash, compressed cap rate deal affirms that you are still seeing stellar results when a property is marketed effectively.”
In announcing the deal, Marcus noted that the property benefits from co-tenancy with a Bristal Assisted Living Community and a future hotel site.
