6B — January 2023 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Mid Atlantic Real Estate Journal
2023 UPCOMING CONFERENCES
ED BANK, NJ — Marcus & Millichap announced the sale of R Cafiero, Hyldahl & Goldberg facilitate sale on behalf of owner Marcus & Millichap closes sale of 24,032 s/f office building
The Vault, a 24,032 s/f office property located in Red Bank, according to James McGu - ckin , regional manager of the firm’s New Jersey office. The asset sold for $10.7 million. Alan Cafiero, Brent Hyl - dahl and Seth Goldberg , in- vestment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company. Cafiero said, “Even in a challenging debt market, all cash 1031 exchange buy- ers are still looking for high quality trophy assets with long term leases and credit tenants. The Vault possessed all attributes. Not only did the property have long term net leases to multiple credit tenants, but the property is located in the heart of one of New Jersey’s most sought- after downtowns.” The Vault is located at 55 Broad St. In a separate transaction, McGuckin announced the sale of 175 Mt Pleasant Ave, New- ark, a 31,429 s/f industrial
February 15, 2023 2023 State of the Market
The Vault
ceilings of varying heights, and private fenced parking lot. These attributes give the property a lot of versatility, which provided us the oppor- tunity to market to multiple types of investors and owner- users.” Matricaria continued, “Our database of qualified buyers combined with Mar- cus & Millichap’s national footprint generated multiple offers, allowing us to negotiate seller-favorable terms with the highest price the market would bear.” MAREJ
property. The asset sold for $6 million. Jed Matricaria and Scott Geller , investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company. Seth Katz of Leg - acy Commercial Realty, LLC secured and represented the purchaser. Matricaria said, “This is a unique asset in that it has a retail showroom, offices, workshop, high bay addition,
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