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Route 1 & 9

Updated Oct 14, 2026

Gus Milano Acquires Development Site In Newark For $34M With Brokers Eric Michael Anton, Nelson Lee & Matthew Nestler - Marcus & Millichap
SOLDDevelopment Site

Gus Milano Acquires Development Site In Newark For $34M With Brokers Eric Michael Anton, Nelson Lee & Matthew Nestler - Marcus & Millichap

Route 1 & 9

$34,000,000

Building Size

—

Asset Type

Development Site

Closing

Aug 2, 2022

About this deal

AI

An industrial development site located at 550 Rte 1 & 9 S. in Newark has been sold for a record-breaking price. The property spans across 4.5 acres and has been acquired by Gus Milano for a total of $34,000,000. This transaction marks a significant milestone in the market, with the site being sold at an impressive rate of $7.6 million per acre. The sale price reflects the high value placed on this development site, asserting its desirability and potential for future growth.

Summary of transaction details

The transaction was facilitated by the expertise of Eric Michael Anton, Nelson Lee, and Matthew Nestler from The Anton Group, who represented the buyer and seller respectively. Their involvement in the deal showcases their ability to successfully navigate complex transactions and bring parties together. With their assistance, the transaction was executed smoothly, allowing for a favorable outcome for all involved parties.

The sale of the industrial development site at 550 Rte 1 & 9 S. in Newark sets a new benchmark in the market, with the impressive price per acre of $7.6 million. This record-breaking transaction highlights the desirability and potential of this property, solidifying its position as a valuable asset in the Newark market.

On the Map

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$34,000,000

Development Site

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Players

Eric Anton

Marcus & Millichap

Broker

$597.4M

vol

21 deals

Broker

Gus Milano

Buyer

$34M

vol

1 deal

Buyer

Li Hui Lo

Seller

$78M

vol

2 deals

Seller

Saint-Mars-d'Outillé Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.47%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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