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Marcus & Millichap Arranges Cherry Plaza Sale

BERLIN, NJ-The 19,425-square-foot shopping center recently traded hands for $1.5 million, after first being put on the market in 2008.

By Alyson Grala | Updated on August 31, 2009

BERLIN, NJ-Marcus & Millichap Real Estate Investment Services has arranged the $1.5 million sale of Cherry Plaza Shopping Center located here. The 19,425-square-foot neighborhood center, situated on Route 73 at the Berlin Circle, was 73% leased at the time of sale.

The sales price of $1.5 million, or $77.20 per square foot, represents an 11.1% cap rate on current income. Christopher Munley, associate, along with Dean Zang, associate vice president of investments, and Mark Taylor, vice president of investments, all of the Philadelphia office of Marcus & Millichap, represented the seller, the Joseph Gulli, Blair Parkin & Anthony Gulli Partnership, and the buyer, Cherry Plaza LLC, a local construction company owner.

“While this strip center sale was not a large transaction, it was difficult and complex and would not have been completed without the cooperation of a motivated buyer and seller,” Munley tells GlobeSt.com.

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