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Center Trades for $154 per SF

ROCKAWAY, NJ-A regional investor group now owns the 104,549-sf retail strip, picking it up for just more than $16.1 million.

By Eric Peterson | Updated on September 22, 2008

ROCKAWAY, NJ-Rockaway Plaza, a 104,549-sf shopping center at 295 Route 46 here, has a new owner. The seller, identified only as a regional development company, sold the property for just more than $16.1 million, or about $154 per sf.

The buyer was similarly not identified, but described as a regional investment group. The property was originally listed with an asking price of $18 million, and then reduced to $17 million before subsequently trading for the $16.1-million number.

Brokers from Marcus & Millichap’s New Jersey office in Elmwood Park represented both sides in the transaction. Senior associate Seth Pollack and investment specialist Michael Kestin represented the seller; investment specialist Kevin McCrann spoke for the buyer.

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