Marcus & Millichap (NYSE: MMI), announced the sale of Quick Chek Plaza, a 25,800-square foot assemblage of retail shops located at 881 Main Street in the Sayreville section of New Jersey, according to Brian Hosey, for $6,725,000 regional manager of the firm’s New Jersey office.

Alan Cafiero, Brent Hyldahl, Ben Sgambati, and Michael DeVita investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a developer. The team also secured and represented the buyer, a limited liability company.

“There is still a demand for well-located retail centers with smaller, service-oriented tenants,” says Cafiero. “We received multiple offers on this asset which generated a sub 7% cap rate.”

Located just minutes from Garden State Parkway Exit 124, the shopping strip sees over 15,000 cars per day on Main Street. The subject property is currently 89 percent occupied with 13 tenants.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com