Russell Nova, Ethan Karvani & Igor Zakh Acquire Retail Property In Matawan, New Jersey For $10M

The asset involved in this transaction is a retail property located at 351 NJ-34 in Matawan, with a total area of 61,850 square feet. The sale was completed for a price of $10,000,000, equating to a price per square foot of $162. The property was described as an Off-Market Shopping Center situated in the heart of Route 34 in Matawan, NJ. The buyers are focused on acquiring value-add properties and plan to implement capital expenditures to improve and drive business to their tenants.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $10,000,000
• Address: 351 NJ-34
• Market: Matawan
• Size: 61,850 SF
• Price per SF: $162
• Buyer: Russell Nova, Ethan Karvani & Igor Zakh - Stone Street Multifamily Group
• Seller: Lee Bergen
• Broker: Matt Miller & Seth Katz - Legacy Real Estate
• Cap Rate: 8%+
• Financing Arranged: $7.5MM Loan Amount, 4.75% Interest Only, Non Recourse

Key individuals involved in this deal include Russell Nova, Ethan Karvani, and Igor Zakh, who are principals at Stone Street Multifamily Group. Russell Nova can be contacted at 917-559-1820 or via email at [email protected]. Ethan Karvani is reachable at 201-815-3809 or [email protected]. Igor Zakh's contact numbers are 917-567-1646, with emails at [email protected] and [email protected]. The brokerage firm involved in the sale, Legacy Real Estate, is represented by Matt Miller and Seth Katz.