Massey Knakal Retained Exclusively To Sell Shopping Center In Morris County, New Jersey
Massey Knakal Realty Services has been retained, on an exclusive basis, to sell a shopping center at 520-550 Myrtle Avenue. The property is located just off US Highway 287 in the Township of Boonton, within Morris County, New Jersey. The asking price is $20,500,000.
This property contains approximately 62,741 square feet of gross leasable area on a 5.60 acre lot. Built in 1999, the shopping center features a mixture of national and local retailers and is anchored by a nearly 50,000 square foot A&P Fresh Market, one of the only major grocery stores in the area. The property is visible from nearby highways due to its prominent signage. Over 100,000 vehicles pass by the property daily, and retailers such as Sprint, Super Cuts, Subway, and Chase Bank attract hundreds of patrons daily.
Boonton Township and the surrounding area boast almost 500,000 residents with average household incomes well over $100,000 annually, providing a strong consumer base for both present and future retailers at the property.
“We are pleased to be marketing this property and have received a significant amount of interest from local and national investors,” stated David Simon, SIOR, Executive Managing Director, New Jersey.
For more information on this listing, contact Massey Knakal Chairman Bob Knakal at 212.696.2500 and Executive Managing Director, New Jersey David Simon at 201.426.2202.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.