Marcus & Millichap : Facilitates The Sale Of A Multi-Family Development Site in Dunellen, NJ
June 29, 2022 at 05:12 pm EDT
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Marcus & Millichap Facilitates The Sale Of A Multi-Family Development Site in Dunellen, NJ
June 29, 2022
Dunellen, NJ, June 30, 2022 -- Marcus &Millichap (NYSE: MMI), announced today the sale of "The Palette," an approved multifamily development project in Dunellen, New Jersey for $2,200,000, according to James McGuckin, regional manager of the firm's New Jersey office.
Jason Petrick and Chez Eider, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller and secured the buyer.
According to Mr. Petrick: "Our advisory process helped guide the seller through unforeseeable challenges in an approved site which resulted in Marcus & Millichap procuring a 1031 Exchange developer to take the site to shovel ready status."
According to Mr. Petrick: "The asset received strong interest during the broad marketing process. As a result, we continue to see developers actively pursue best-in-class property types with solid deal fundamentals in transit-oriented locations throughout New Jersey, Eastern Pennsylvania, and New York State."
According to Mr. Eider: "Working through the marketing process on a development site of any size, our process is the same to ensure maximum exposure and a hands-on approach throughout the entire transaction. Even with smaller projects, persistence, being detail-oriented while executing a customized and targeted marketing campaign was key to bringing this deal over the finish line."
The site is located at 520 North Ave.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 21:11:02 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
