Marcus & Millichap announced Tuesday the sale of 745 U.S. 46, a fully occupied retail center anchored by Harbor Freight Tools. The Parsippany-based asset traded for $9,110,000.
The six-suite retail destination encompasses 32,432 square feet situated on a 4.1-acre lot. Originally constructed in 1962 and extensively renovated in 2014, the center boasts a diversified, stable mix of retail, restaurant, service, and medical tenants. Harbor Freight serves as the primary anchor, occupying 55% of the total gross leasable area.
The property’s strategic position along a highly traveled transit corridor generated significant investor interest, underscoring the enduring appeal of the region’s retail sector.
Alan Cafiero, David Cafiero and John Moroz, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller and successfully procured the buyer.
“Northern New Jersey continues to be one of the strongest retail investment markets in the country, driven by dense population, limited new supply and resilient consumer demand,” Alan Cafiero, senior managing director investments, said. “This property’s combination of stable cash flow, diversified tenancy and outstanding highway access made it a compelling investment opportunity that attracted significant buyer interest.”
Surrounded by a dense concentration of local businesses, restaurants, and national retailers, 745 U.S. 46 benefits from exceptional regional visibility. The retail center is located near several of Northern New Jersey’s major transportation arteries, including U.S. Routes 46, 202, and 24, as well as Interstates 80, 287, and 280, providing easy regional access for consumers and tenants alike.
