Press Releases
Marcus & Millichap Brokers $4.26M Sale of Adjacent Retail Properties in Northern New Jersey
March 13, 2025
MAPLEWOOD, N.J., Mar. 13, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two adjacent retail properties in Maplewood, New Jersey, for $4,262,500.
“Credit-tenant net leases in northern New Jersey always generate tremendous demand from the investment community,” said Alan Cafiero, senior managing director investments. “In addition to investment-grade credit, this property was located along one of the main retail corridors in Maplewood with excellent visibility.”
Alan Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller and procured the buyer.
The 12,415-square-foot properties, located at 1812 and 1802 Springfield Ave., consist of two freestanding retail buildings leased to Dollar General and Sherwin-Williams. The Dollar General building was recently renovated and features a new 10-year lease with two five-year renewal options and scheduled rent increases. Sherwin-Williams has occupied the site since 1986 and recently completed façade improvements.
Positioned along Springfield Avenue, the properties benefit from a dense urban infill location surrounded by single- and multifamily housing, as well as national retailers such as Advance Auto Parts, Walgreens, Wawa and T-Mobile.
“Credit-tenant net leases in northern New Jersey always generate tremendous demand from the investment community,” said Alan Cafiero, senior managing director investments. “In addition to investment-grade credit, this property was located along one of the main retail corridors in Maplewood with excellent visibility.”
Alan Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller and procured the buyer.
The 12,415-square-foot properties, located at 1812 and 1802 Springfield Ave., consist of two freestanding retail buildings leased to Dollar General and Sherwin-Williams. The Dollar General building was recently renovated and features a new 10-year lease with two five-year renewal options and scheduled rent increases. Sherwin-Williams has occupied the site since 1986 and recently completed façade improvements.
Positioned along Springfield Avenue, the properties benefit from a dense urban infill location surrounded by single- and multifamily housing, as well as national retailers such as Advance Auto Parts, Walgreens, Wawa and T-Mobile.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
