CHRISTOPHER MUNLEY, DEAN ZANG AND MARK TAYLOR OF MARCUS & MILLICHAP ARRANGE THE SALE OF THE HOLLAND CENTER IN MILFORD, NJ FOR $1,650,000

Marcus & Millichap (01/12/2010) - Philadelphia, PA -December 2009 -  Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm, has arranged the sale of the Holland Center located in Milford, New Jersey. The 10,777 SF neighborhood shopping center, situated at the intersection of Spring Mills Road, Church Road and Milford-Warrant Glen Road (County Route 519) in Milford, serves the retail needs of the surrounding neighborhoods of the property and is the only retail strip center in the immediate area. The center was 85 percent leased at the time of sale. This offering consisted of five tenants in six units. The current tenants benefit from being the only retail operators locally as the majority of Milford and Holland residents utilize this center as their primary pharmacy, pizza parlor, hair salon and liquor store.

The sales price of $1,675,000 or $155.42 per SF represents an 8.29 percent capitalization rate on current income. Christopher Munley, associate, along with Dean Zang, associate vice president of investments, and Mark Taylor, vice president of investments, of the Philadelphia office of Marcus & Millichap, exclusively represented the seller, Holland Center LLC. The buyer, Book Inc., was represented by Michael Piazza of ReMax Supreme.

Holland Center garnered immediate interest from the investment community due to its location and positioning within the submarket. It is one of, if not the only, retail center of its kind within the entire community of Milford/Holland. The seller of the property was the original developer and was looking to move his equity out of the investment for retirement purposes.

After marketing the subject property for approximately two months and receiving multiple offers, Book, Inc. was selected as the ultimate buyer. They separated themselves from the rest of the competition by having a superior price, offering 96% of list price, and term, having a total due diligence and closing period of 60 days. "We were looking to target buyers that would not be reliant upon financing to close the deal, but rather an entity that is comfortable buying all cash or putting a significant amount of equity down stated Chris Munley. "The buyer of the property gave a deposit check for half of the purchase price which went non-refundable after diligence, thus proving their strength and ability to close. Their lender had no hesitation providing them a loan of 50% LTV and made the deal quickly and seamlessly," added Munley.

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