Alan Cafiero, left, and Ben Sgambati, directors and first vice presidents with Marcus & Millichap, and the Somerset Plaza Shopping Center, Franklin Park, NJ, which their team sold this month for $12.775 million (Photo composite)
SADDLE BROOK, NJ—New York-based investors in small retail are hitting the river crossings in droves and squeezing out traditional New Jersey-based buyers of smaller retail properties and strip centers, according to Marcus & Millichap's New Jersey retail team, which had a $100 million-plus first half this year.
“Anything with smaller units and good demographics, we're really getting a tremendous amount of activity on,” says Alan Cafiero, who leads the retail team with Ben Sgambati. Cafiero and Sgambati are both directors and first vice presidents of the firm. Cafiero has been with Marcus & Millichap since 2007, specializing in shopping centers, net lease properties, mixed-use buildings and office and industrial properties. Sgambati worked in technology and office equipment sales before moving into commercial real estate three decades ago. The pair have closed more than 300 commercial real estate deals in 26 states worth more than $1 billion.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
