M id A tlantic Real Estate Journal — Retail Development Reimagined —November 18 - December 22, 2022 — 21A


R etail D evelopment R eimagined

Cafiero, Hyldahl & Sgambati, investment specialists list 57,816 s/f retail property located in East Brunswick The Cafiero Group of Marcus & Millichap brokers sale of Village Green Shopping Center

For example, telecom com- panies have been increasing- ly building or upgrading cell phone towers across the country to meet surging cell phone de- mand. According to an industry report, there are more than 420,000 cell towers nationwide and more are on the way. A sig- nificant amount of this activity is being driven by the rollout of new broadband technology, called 5G, which is faster and has greater capacity than the previous network generation. Many zoning authorities, however, have adopted a tough stance on where and how these towers can be built due to changes in zoning codes or community resistance toward these structures. The growing U.S. cannabis business is another industry that benefits from these re- ports because they determine whether the property can be used to sell or grow cannabis products and list other zoning restrictions impacting this type of business. This informa- tion helps determine the best location and business model. For proposed construction projects, developers often seek a site feasibility report, which spells out specifically what a municipality will permit to be built on certain property types. This report includes a detailed site analysis of the proposed project, which includes the proj- ect’s planning and development requirements and cost; build- ing, permitting and inspection cost; and design standards such as landscaping, parking, sig- nage and utilities. Site feasibil- ity reports are also particularly valuable for projects that face unique challenges in gaining zoning approval. Rosetta Taylor is manag- ing director of BBG’s Zon- ing Reports Services. MAREJ continued from page 2A Why Zoning Due Diligence is . . . real estate brokerage firm spe - cializing in investment sales, fi - nancing, research and advisory services, announced the sale of Village Green Shopping Cen- ter, a 57,816 s/f retail property located in East Brunswick, ac- cording to James McGuckin , regional manager of the firm’s New Jersey office. The asset sold for $14,000,000. E AST BRUNSWICK, NJ — Marcus & Millichap , a leading commercial

Ben Sgambati

Alan Cafiero

Brent Hyldahl

liability company. The Cafiero Group also secured the buyer, a limited liability company. Cafiero comments, “The investor pool for stabilized shopping centers in New Jersey along main state

Alan Cafiero, Brent Hyl - dahl and Ben Sgambati , investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited

Village Green Shopping Center

retail corridors remains strong. We had multiple offers on this high-quality asset which was well po- sitioned amongst highly

trafficked Route 18 in East Brunswick, NJ.” Village Green Shopping Center is located at 415 NJ-18 in East Brunswick, NJ. MAREJ

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