Marcus & Millichap on Thursday said it successfully sold a fully occupied, six-tenant retail center in Paterson for $5,250,000.
The 12,892-square-foot property, located at 385 McLean Blvd., attracted multiple offers before being acquired by a local 1031 exchange buyer. The sale highlights the strong current demand for well-located commercial assets in Northern New Jersey.
“Highway strip centers with service and food tenants are among the most sought-after product types on the market right now,” Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office said.
The retail center is anchored by Bank of America and Wingstop. Additional tenants, all under triple-net leases, include Krauszer’s, Tony’s Bagels, Mina Place and Crispy Beauty.
The property benefits from exceptional visibility and accessibility, sitting on a 0.96-acre parcel with 71 parking spaces and a high average daily traffic count of more than 41,800 vehicles along McLean Boulevard. Its strategic location offers easy access to major highways, including Route 4, Interstate 80, Route 21, and Route 3, and is surrounded by national retailers such as Home Depot, Lowe’s, and McDonald’s.
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz represented both the seller and the buyer in the transaction.
