Side-by-Side Retail Properties in Maplewood Sell for $4.3 Million

Side-by-Side Retail Properties in Maplewood Sell for $4.3 Million
Side-by-Side Retail Properties in Maplewood Sell for $4.3 Million

**Adjacent Retail Properties in Maplewood Sold for $4.3M**

Marcus & Millichap has completed the sale of two adjacent retail properties in Maplewood, New Jersey, for $4,262,500. Located at 1812 and 1802 Springfield Avenue, the freestanding properties total 12,415 square feet and are leased to Dollar General and Sherwin-Williams.

“Credit-tenant net leases in northern New Jersey always generate tremendous demand from the investment community,” said Alan Cafiero, senior managing director of investments. “In addition to investment-grade credit, this property was located along one of the main retail corridors in Maplewood with excellent visibility.”

Alan Cafiero, David Cafiero, and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller and secured the buyer.

The Dollar General building was recently renovated and features a new 10-year lease with two five-year renewal options and scheduled rent increases. Sherwin-Williams has occupied the site since 1986 and recently completed façade improvements. Other national retailers in the area include Advance Auto Parts, Walgreens, Wawa, and T-Mobile.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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