Marcus & Millichap has announced the successful brokerage of two Mavis Discount Tire properties located in Newton and Roselle Park fetching a combined total of over $7.1 million.
The transactions highlight an enduring investor appetite for stable, net-leased automotive assets in the region.
Deal breakdown
- 134 Water St., Newton: Sold for $3.57 million. This 11,412-square-foot facility sits on a 1.43-acre lot and has been occupied by Mavis for over three decades. Located roughly 70 miles from New York City, it sits near local anchors like the Sussex County Community College and Sussex County Mall.
- 74 Westfield Ave. W, Roselle Park: Sold for $3.55 million. Spanning 10,000 square feet on a 0.82-acre lot, this property occupies a prime retail corridor just 18 miles southwest of Manhattan, offering immediate proximity to major transit arteries including the Garden State Parkway and Route 22.
Market perspective
“These transactions demonstrate the continued demand for well-located net-leased automotive properties throughout New Jersey,” Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office said. “Mavis is a proven operator and both properties offered buyers strong real estate fundamentals, established locations and the long-term stability investors are seeking in today’s market.”
The sales were spearheaded by Marcus & Millichap brokerage teams featuring Alan Cafiero, David Cafiero, John Moroz, Devin Perez, and Damien Rance, who represented the respective sellers and procured the buyers for both northern New Jersey locations.
