Hazlet Pavilion at 1430 State Highway 36 — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has paid more than $9 million to acquire a Hazlet shopping center, part of a recent 1031 exchange transaction brokered by Marcus & Millichap.
The firm said Monday that it represented both parties in the sale of Hazlet Pavilion, a 71,407-square-foot strip center at 1430 State Highway 36. Brian C. Hosey, regional manager of the firm’s New Jersey office, said the sale price was about $9.18 million.
Michael Lombardi, first vice president, and Steven Schiavello of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, according to a news release. They also handled the assignment on behalf of the buyer.
