1502 Union Valley Road in West Milford — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has paid more than $10.6 million for a triple-net-leased Walgreens property in West Milford, according to brokers with Marcus & Millichap who arranged the deal.
The 12,350-square-foot property, located at 1502 Union Valley Road, traded as part of a 1031 exchange. Marcus & Millichap marketed the property on behalf of the seller.
“We utilized the nationwide reach of the Marcus & Millichap platform to highlight the unique aspects of this Walgreens in our property presentations to the net-leased investment community,” said Karly Iacono, associate director of Marcus & Millichap’s National Retail Group. “The high barriers to entry for new construction in West Mitford and the attractiveness of the market in northern New Jersey for income-producing properties add to the intrinsic value of this asset.”
Built in 2009, the property is located on West Milford’s main retail corridor, Marcus & Millichap said in a news release. A Shoprite-anchored plaza featuring a new T.J. Maxx and a McDonald’s is directly across the street.
