PARSIPPANY — A highway retail center here has changed hands for more than $9.1 million, brokers with Marcus & Millichap.
The fully occupied property, located at 745 Route 46, has six units totaling 32,432 square feet on a 4.1-acre footprint, according to a news release. Tenants include Harbor Freight, which anchors the center while occupying 55 percent of the gross leasable area, along with other retail, restaurant, service and medical tenants.
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz marketed the property on the seller’s behalf and procured the buyer in the $9.11 million deal.
“Parsippany continues to be one of the strongest retail investment markets in the country, driven by dense population, limited new supply and resilient consumer demand,” said Alan Cafiero, senior managing director for investments with Marcus & Millichap. “This property’s combination of stable cash flow, diversified tenancy and outstanding highway access made it a compelling investment opportunity that attracted significant buyer interest.”
The property was built in 1962 and renovated in 2014. It is part of a Route 46 corridor filled with restaurants and retailers, with easy access to Route 202 and interstates 80, 287 and 280, among other highways.
