9/22/2008

Rockaway, N.J., retail center sells for $16.12M

by Chad King

Rockaway Plaza

Rockaway 46 Investors, LLC, a regional investment group, has purchased the Rockaway Plaza retail center in Rockaway, N.J., for $16.12 million.

Marcus & Millichap's Seth Pollack and Michael Kestin of the firm's New Jersey office represented the seller, a regional developer, while Kevin McCrann represented the buyer.

The retail center, which sold for $154 per square foot, is located at 295 Route 46. It contains 104,549 square feet and is situated on 6.78 acres. Current tenants of the property include Ace Hardware, Drug Fair, Kiddie Academy and Party Fair. Built in 1945, it last sold in April 2006 for $4.75 million, according to Morris County assessment records.

Address: 295 Route 46, Rockaway, N.J.

Size: 104,549 square feet

Built: 1945

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Filed Under: Retail

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