Butler Plaza at Route 23 and Kiel Avenue in Butler — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a newly built retail center in Morris County for nearly $24 million, in a transaction arranged by Marcus & Millichap.
Brokers with the firm represented an unnamed seller in the trade of Butler Plaza, a 29,833-square-foot complex at Route 23 and Kiel Avenue in Butler. The team said the property, completed in 2021, “drew investor interest on a national level due to its quality, A-list of credit tenants and long-term leases” with a roster than includes CVS, Wawa, Panera Bread, Sherwin-Williams and Anthony Franco’s Pizzeria.
“We fielded multiple offers and closed the sale for above asking price,” said Alan Cafiero, a senior managing director for investments in Marcus & Millichap’s New Jersey office, who brokered the deal alongside investment specialists David Cafiero and John Moroz.
In announcing the $23.5 million deal, Cafiero said CVS and Wawa are on new 20-year leases, while Panera has a new 15-year commitment in place. The property is located three miles from Interstate 287, serving an area whose average annual household income within a three-mile radius is more than $142,000.
