Marcus & Millichap Facilitates $7.12M Sale Of Two Mavis Discount Tire Properties In NJ

Two retail properties located at 134 Water Street and 74 Westfield Avenue in Newton and Roselle Park, NJ respectively, were involved in a closed sale. The combined sale price for these properties was $7,120,000, with the Newton property measuring 11,412 square feet and the Roselle Park property measuring 10,000 square feet. The price per square foot for the total transaction was $333.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $7,120,000
• Newton Property Address: 134 Water Street
• Newton Property Sale Price: $3,570,000
• Newton Property Square Footage: 11,412
• Roselle Park Property Address: 74 Westfield Avenue
• Roselle Park Property Sale Price: $3,550,000
• Roselle Park Property Square Footage: 10,000
• Market: Newton & Roselle Park, NJ
• Brokers: Alan Cafiero, David Cafiero, John Moroz & Damien Rance - Marcus & Millichap

Marcus & Millichap brokers Alan Cafiero, David Cafiero, John Moroz, and Damien Rance represented the sellers and procured the buyers for both transactions. They noted an increase in demand for net-leased automotive properties featuring established tenants in well-located areas.