(Mark Your Calendars: RealShare New Jersey 2011, September 13 in New Brunswick).
NUTLEY, NJ-Marcus & Millichap Real Estate Investment Services has announced the sale of Franklin Avenue Apartments, a 12,050-square-foot mixed-use builidng for approximately $2 million. M&M’s associate director Kevin McCrann marketed the property on behalf of the seller, a local investor from New Jersey, while associate director, Thomas McConnell, also from the New Jersey office, secured the buyer, another local investor.
“Even in these uncertain times, we were able to obtain multiple written offers from qualified buyers. Analyzing our buyer’s strengths through price and terms, ensured a quick and smooth transaction,” McConnell says.
Built in 1926, Franklin Avenue Apartments includes 11 apartments, ground-level retail, and 18 off-street parking spots. While there are no current comparable listings in Nutley, according to LoopNet, a recent listing for mixed-use in the town asked $999,000 for a 3,700-square-foot complex with an apartment above ground-level retail/office space.