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Marcus & Millichap sells retail in West Milford

The property in West Milford sold for $10.66 million.
The property in West Milford sold for $10.66 million. - ()

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.

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