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Shopping center in Secaucus trades for $43 million

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This 117,542-square-foot shopping center in Secaucus sold for $43 million.
This 117,542-square-foot shopping center in Secaucus sold for $43 million. - ()

Brokerage firm CBRE announced it has arranged the sale of an 117,542-square-foot shopping center located at 400 Mill Creek Drive in Secaucus.

The brokerage’s Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the seller and procured the buyer in the transaction.

“400 Mill Creek provided a rare opportunity to purchase a dominant center within a vibrant, mixed-use development such as Harmon Meadow, only three miles from Manhattan,” said Dunne in a release. “We expect the purchaser will fare well with the acquisition due to the strong tenant sales volumes, high credit rent roll and easily accessible location in the high-density, infill Secaucus market.”

The sale of the property comes six months after the sale of The Mall at Mill Creek, located across the street, which traded for $76.2 million in August 2017.

The shopping center is anchored by Marshalls, Home Goods, Michael’s and PetSmart. The center is located at the heart of the 200-acre development Harmon Meadow.

“Harmon Meadow includes approximately 2 million square feet of office space, 1 million square feet of retail, 9 hotels, a convention center and numerous restaurant and entertainment options,” said CBRE in a release. “The center’s highly-accessible location at the intersection of the NJ Turnpike and Route 3 provides regional access, creating a wide trade area that is estimated to include over 442,000 people, with more than 261,000 residents within just three miles of the center.”

CBRE’s Metro NY National Retail Partners is also marketing opportunities at Festival Plaza in Edison.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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