Commercial real estate firm Marcus & Millichap recently announced the sale of a 12,350-square-foot property in West Milford to a private investor in a 1031 exchange.
The property, at 1502 Union Valley Road, sold for $10.66 million, or $860 per square-foot.
“We utilized the nationwide reach of the Marcus & Millichap platform to highlight the unique aspects of this Walgreens in our property presentations to the net-leased investment community,” Karly Iacono, associate director of Marcus & Millichap’s National Retail Group said.
“The high barriers to entry for new construction in West Mitford and the attractiveness of the market in Northern New Jersey for income-producing properties add to the intrinsic value of this asset.”
Iacono represented the seller.
The property is located in a Shoprite-anchored plaza with a T.J. Maxx and a McDonald’s across the road.