ELMWOOD PARK, N.J.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of four properties nationwide, including a five-story mixed use property with 37 multi-family units in North Bergen, N.J. (Photo at left shows the property at 7120-7126 Bergenline Ave., North Bergen, NJ)
The North Bergen sale was part of a 1031 exchange, which allowed the buyer to acquire three subsequent properties, including a Citgo Gas Station in Richmond, Ga.; a Hardee’s Restaurant in Opp, Ala.; and a Marsh Foods grocery store in Kokomo, Ind.
The cap rates for these assets range from 8.13 percent to 8.95 percent.
Kevin McCrann, an investment specialist in the New Jersey office of Marcus & Millichap, represented the buyer, Y.P. Realty Inc., in the sale of the mixed-use asset with 37 apartment units in North Bergen.
Kevin McCrann, an investment specialist in the New Jersey office of Marcus & Millichap, represented the buyer, Y.P. Realty Inc., in the sale of the mixed-use asset with 37 apartment units in North Bergen.
In conjunction with other Marcus & Millichap investment specialists across the nation, McCrann also arranged the sale of the three absolute net-leased investments: Citgo, Hardee’s and Marsh Foods. 
Y.P. Realty Inc. purchased two of the net-leased properties in an all-cash transaction, and assumed a mortgage with favorable terms on the grocery store. All three properties were exclusively listed by Marcus & Millichap, with zero management responsibilities.
In conjunction with Joshua Caruana, sales manager in the Indianapolis office of Marcus & Millichap; John Glass, a senior director of the firm’s National Retail Group in the San Francisco office; and Joseph Blatner, a vice president of investments in the Portland office, represented Dallas, Texas-based Cardinal Capital, the seller of the Indiana property.
Andrew Clark, an investment specialist based in the firm’s Birmingham office, Glass and Blatner, also
represented Cardinal Capital, which was the seller of the Hardee’s property in Alabama. Don McMinn, an investment specialist in the firm’s Atlanta office, represented the seller of the Georgia property. “Many owners have capitalized on the appreciation of their holdings and moved into other markets across the country to leverage their retur
ns and fulfill the requirements of the 1031 exchange,” says Michael Fasano, regional manager of Marcus & Millichap’s New Jersey office. “Using Marcus & Millichap’s unique national marketing platform and its position as the leading investment services firm nationwide, Kevin was able to provide Y.P. Realty with access to properties in other markets across the country.”
CONTACT:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/
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