688 Morris Turnpike in Short Hills — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a strip center in the Short Hills section of Millburn for $7 million, according to brokers with Marcus & Millichap.
Located at 688 Morris Turnpike, the retail property spans 10,070 square feet and is home to tenants such as T-Mobile, Mattress Firm and Alpha Fit Club. Each occupies the property on a triple net lease, Marcus said, adding to the appeal for the New York-based buyer.
“There was significant demand for this asset as it sits in the heart of one of the wealthiest ZIP codes in the country,” said Alan Cafiero, senior managing director investments. “There were multiple offers, and the final buyer was completing a 1031 tax-free exchange.”
Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, represented a local LLC in the sale, while also procuring the buyer. They noted that the property, which was built in 1959, sits on a 0.8-acre parcel and has 44 parking spaces, with nearby retailers including Shoprite, Bed Bath & Beyond, Panera Bread and AT&T.
