NEW YORK CITY-Liberty Merrick Plaza, a 4,650-square-foot retail property near York College in Jamaica, Queens, has been sold by Marcus & Millichap Real Estate Investment Services for $3.05 million, according to J.D. Parker, vice president and regional manager of the firm’s Manhattan office. The asset, located at 162-25 Liberty Ave., commanded nearly $1 million more than its original asking price, says M&M’s Naomi Shu, who exclusively represented both the buyer and seller on the deal.

“We had multiple offers at the end,” Shu tells GlobeSt.com, noting that the property sold for $656 per square foot at a cap rate of 7.33%, a high value for the Southern Queens retail market. “It’s all national tenants and all franchise stores in a busy location in Jamaica. My guess is that a national tenant wouldn’t just choose anywhere.”

Located between Liberty Avenue and Merrick Boulevard, tenants in the property include fast-food chains such as Papa John’s, Subway, Dunkin' Donuts and Popeye’s Chicken & Biscuits. Due to the credit-worthiness of the tenant base and M&M’s national platform, Shu says the seller wanted access to a regional and national database of buyers to ensure the best price for the building. “We had intense interest throughout the process.”

Shu declined to disclose the buyer and seller on the deal, though online property records list the seller at Liberty Merrick LLC of Valley Stream, NY.