Williamstown, New Jersey, January 9th, 2024 – 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 a Former Rite Aid Building, a 13,824-square-foot property located at 2099 North Black Horse Pike, Williamstown, New Jersey, according to Tim Stephenson, regional manager of the firm’s Philadelphia office. The asset sold for $2,050,000.
Mark Krantz and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a family trust based in New Jersey. The buyer was a local New Jersey private investor.
"Situated on an expansive 2.11-acre plot along a bustling real estate corridor, this investment property boasts prime positioning at a prominent hard corner. Surrounded by esteemed neighbors including Home Depot, Sam’s Club, Walmart, Target, and Petco, it presents an unparalleled opportunity for growth and success," remarked Mark Krantz.
"Formerly occupied by Rite Aid, this site offered investors and developers a chance to redefine its purpose and maximize its value through redevelopment and leasing," noted Mark Krantz.
"The seamless and expedient closure of this transaction by the end of February serves as a testament to the exemplary professionalism and dedication exhibited by both the seller and buyer. It reflects their shared commitment to achieving a mutually advantageous outcome," said Mark Krantz.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national 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, 2023, the company had 1,783 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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