ROCKAWAY, N.J. – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Rockaway Plaza, (top left photo) a 104,549-square foot shopping center in Rockaway. The sales price of $16.12 million represented $154 per square foot. Seth Pollack, a senior associate in the New Jersey office of Marcus & Millichap, and Michael Kestin, an investment specialist also in the firm’s New Jersey office, represented the seller, a regional developer. Kevin McCrann, an investment specialist in the firm’s New Jersey office, represented the buyer, a regional investment group.
“The marketing of this asset produced multiple offers from investors active in the region and extended to the southeast.
"As a result, the seller had the benefit of choosing the best option available. From contract signing to closing, the process took 58 days,” says Pollack.
“Rockaway Plaza represented an excellent opportunity for the buyer to acquire a newly renovated drug store-anchored shopping center with great highway visibility in a thriving market with strong demographics and h
igh traffic counts,” adds Kestin. “The buyer will enjoy strong first-year returns,” adds McCrann.
Located at 295 Route 46, the shopping center is situated on a 6.78-acre lot and boasts a mix of national, regional and local tenants, including Ace Hardware, Drug Fair, Kiddie Academy and Party Fair.
The center has recently undergone a complete renovation that includes a new facade, store fronts and a newly surfaced parking lot.
Press Contact: Stacey Corso Communications, Department, (925) 953-1716
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