Marcus & Millichap Inc.
11/07/2024 | Press release | Distributed by Public on 11/08/2024 17:30
Marcus & Millichap Brokers Sale of Office Complex in Southern New Jersey
Press Releases
Marcus & Millichap Brokers Sale of Office Complex in Southern New Jersey
November 07, 2024
LinkedIn Email App
EGG HARBOR TOWNSHIP, N.J., Nov. 7, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Washington Square West, a multi-tenant office complex located in Egg Harbor Township, New Jersey. The property sold for $3,075,000.
"This is a rare first-generation sale by a family who has owned and operated this office complex for over 35 years. Washington Square West stands strong in a thriving suburban area with high occupancy and a well-balanced tenant mix," said Mark Krantz, first vice president investments. "Millennials are in their high-income earning years and are flocking to the suburbs for more room and better school districts."
Krantz, investment specialist in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a local family investor, and procured the buyer, a private investor based in Toms River, New Jersey. John Horowitz, Broker of Record in New Jersey, assisted in closing the transaction.
Washington Square West spans 2.43 acres at 6712 Washington Avenue in Atlantic County. Built in 1989, the property features 27,345 square feet of office space across three buildings and is currently almost fully occupied. Its tenants include 25 local businesses offering services in mental health, law, finance, medicine and government.
"This is a rare first-generation sale by a family who has owned and operated this office complex for over 35 years. Washington Square West stands strong in a thriving suburban area with high occupancy and a well-balanced tenant mix," said Mark Krantz, first vice president investments. "Millennials are in their high-income earning years and are flocking to the suburbs for more room and better school districts."
Krantz, investment specialist in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a local family investor, and procured the buyer, a private investor based in Toms River, New Jersey. John Horowitz, Broker of Record in New Jersey, assisted in closing the transaction.
Washington Square West spans 2.43 acres at 6712 Washington Avenue in Atlantic County. Built in 1989, the property features 27,345 square feet of office space across three buildings and is currently almost fully occupied. Its tenants include 25 local businesses offering services in mental health, law, finance, medicine and government.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.