Marcus & Millichap has completed the sale of Park Plaza, a neighborhood retail center located at 343-351 State Route 34 in Matawan, NJ. The property changed hands for $14.67 million, with the brokerage firm overseeing the transaction between private investors based in New Jersey. The retail center is positioned within one of Monmouth County’s established retail corridors, contributing to its profile as a stabilized, income-producing asset.
Park Plaza comprises 61,750 square feet of retail space on a 5.86-acre site. Developed in 1986, the center is organized into 20 suites that accommodate a range of tenants. The rent roll includes dining, lifestyle, retail and service-oriented users, reflecting a strategy of tenant diversification across daily-needs and discretionary categories. Among the tenants is a Dunkin’ with a drive-thru, providing a recognizable national brand and an element of convenience retail within the mix.
Seth Goldberg, associate director of investments in Marcus & Millichap’s New Jersey office, noted that Park Plaza drew significant investor interest, citing its diverse tenant base, visibility and location within a mature retail trade area. According to Goldberg, well-positioned neighborhood shopping centers offering durable cash flow remain in high demand, and this transaction illustrates the continued appetite for quality retail assets in New Jersey. His comments suggest that investors are maintaining a focus on stabilized centers with established tenancy and strong corridor positioning.
Goldberg, along with colleagues Brent Hyldahl and Alan Cafiero of Marcus & Millichap, marketed Park Plaza on behalf of the seller and also procured the buyer. Both parties were described as private investors from New Jersey, underscoring the role of regional capital in trading established suburban retail centers. While specific buyer and seller identities and financing terms were not disclosed, the deal highlights ongoing transaction activity in neighborhood retail properties anchored by a mix of necessity and service tenants.
The combination of long-standing operations, diversified tenancy and placement along a key Monmouth County retail corridor frames Park Plaza as a representative example of the type of center that continues to attract private investment capital. The inclusion of a drive-thru Dunkin’ and a varied mix of dining and service providers may enhance the property’s ability to generate consistent traffic, supporting its positioning as a neighborhood-oriented retail destination within the Matawan area.
