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ROCKAWAY, NJ-The Marketplace at Rockaway has traded for $29 million, according to Cushman & Wakefield Inc.’s Metropolitan Area Capital Markets Group. The commercial real estate investment sales team represented the seller, an undisclosed institutional client, and procured the buyer, Friendwell Group of Cos., in the retail property transaction.

The 241,000-square-foot Marketplace at Rockaway sits on Enterprise Drive next to the Rockaway Mall, in the heart of Morris County’s most concentrated retail neighborhood. Anchored by Wal-Mart, the shopping center also houses Bed, Bath & Beyond and DSW Shoe Warehouse.

“The Marketplace at Rockaway’s nearly pristine rent roll and quality construction drew strong interest, notwithstanding current market challenges,” says Cushman & Wakefield’s Gary Gabriel, who headed the assignment with team members Andrew Merin, David Bernhaut and Jose Cruz.

According to Merin, existing financing on the Marketplace at Rockaway materially enhanced the appeal of the asset. “Friendwell Group of Companies assumed a seven-year loan as part of the purchase, which assisted the execution significantly,” he adds.

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