M id A tlantic Real Estate Journal — Northern New Jersey — June 12 - 25, 2020 — 7B
www.marej.com
N orthern NJ
Investment specialist team of Marcus &Millichap completes sale of $5.85M retail property Ozturk Gatto Group of Marcus & Millichap completes the sale of a $13.075M office building C
LARK, NJ — Mar- cus & Millichap has announced the sale of a 76,000 s/f office building located in Clark for $13.075 million according to James McGuckin , regional manager, and Brian Hosey , broker of record, of the firm’s New Jersey office. Fahri Ozturk and Richard Gatto of the Ozturk Gatto Group of Marcus & Millichap represented the seller and procured the buyer. Both were private investors. “We continue to see strong investor demand for stabilized office properties across New Jersey” Ozturk said. “Property’s diverse ten- ant base, high occupancy with minimal deferred maintenance made it an attractive invest- ment to the buyer”. “The pre- vious owner did a remarkable job with the property and it’s immediate location will con- tinue to attract new and retain existing tenants. Buyer will continue to benefit property’s strong cash flow.” Gatto added. Ozturk Gatto Group recently closed 450,000 s/f of office space totaling over $70 million in New Jersey. 67 Walnut Ave., a 76,146 s/f mixed office/medical build- ing in Clark, NJ. Just off the Garden State Parkway (one of the two major north/south highways in the state), the property also had several repu- table medical tenants. Nearby are Robert Wood Johnson Hospital Rahway and Kindred Hospital. The convenience of highway and local roadway ac- cess combined with the variety of readily accessible retail, add to the building’s appeal for both the tenants and their guests. In Madison, NJ, Marcus & Millichap announced the sale of Starbucks Plaza, a 10,011 s/f retail property, according to James McGuckin , regional manager of the firm's New Jersey office. The asset sold for $5.85 million. Alan Cafiero, Ben Sgam- bati, David Cafiero and John Moroz , investment specialists in Marcus & Mil- lichap's New Jersey office, had the exclusive property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Cafiero, Sgambati, Cafiero and Moroz. Starbucks Plaza is located at 307 Main St in Madison, NJ. "Multi-tenant retail has
67 Walnut Avenue
Starbucks Plaza
certainly been one of the as- set classes experiencing the most challenges during the
COVID-19 crisis. However, the scarcity of quality retail with parking in one of New Jersey's most sought-after downtown locations, especially when anchored by a national ADVOCATE. ADVISER. ALLY.
tenant like Starbucks, is what attracted the buyer to this op- portunity." MAREJ
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