The sale arranged by Kevin McCrann, an investment specialist in the Elmwood Park, NJ office of Marcus & Millichap, was part of a 1031 exchange allowing Y.P. Realty to acquire three out-of-state retail properties including a Marsh Foods grocery store in Kokomo, IN, a Hardee's restaurant in Opp, AL and a Citgo service station in Richmond, GA. The cap rates for the three acquisitions, also arranged by McCrann for Y.P. Realty, range from over 8.1% to over 8.9%, he reports.

"Many owners have capitalized on the appreciation of their holdings and moved into other markets to leverage their returns and fulfill the requirements of the 1031 exchange," says Michael Fasano, regional manager of Marcus & Millichap's New Jersey office. "Kevin was able to provide Y.P. Realty with access to the properties in other markets."

The various out-of-state acquisitions were arranged with the help of Joshua Caruana of Marcus & Millichap's Indianapolis office, John Glass in San Francisco, Joseph Blatner in Portland, Andrew Clark in Birmingham and Don McMinn in Atlanta.