Marcus & Millichap Brokers $29M Retail 1031 Deal

PARAMUS, NJ—Marcus & Millichap arranged a 1031 exchange transaction involving the sales of two Northern New Jersey shopping centers for more than $29 million, and one of the brokers says the time constraints of 1031 transactions are prompting aggressive bidding that is driving prices upward in Northern New Jersey. Indeed, one of the two centers sold at one of the highest per-square-foot prices for a New Jersey multi-tenant center.

The properties are the Sprout Brook Shopping Center, a 21,875-square-foot multi-tenant retail center in Paramus, NJ that sold for more than $680 per square foot, and Franklin Commons, a 43,327-square-foot neighborhood shopping center and medical office building that brought $14,825,000, or $342 per square foot. Sprout Brook Shopping Center is located on 2.4 acres at 556 Route 17 North in Paramus. At the time of the sale, the center was fully occupied. Built in 2007 on five acres, Franklin Commons is located at 454 Elizabeth Ave. in Franklin Township.