Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Herc Rentals, a 22,650-square-footsingle-tenant industrial propertylocated in Manalapan Township, New Jersey. The 3-acre asset sold for $3,950,000.
“There were numerous highlights that attracted the buyer to this opportunity, which include a long-term lease with a national publicly traded company, the rapid growth and development in the immediate area, and the uniqueness of the property’s retail frontage coupled with an equipment laydown yard. We continue to see increasing investor demand for industrial outdoor storage (IOS) properties across the country—especially in areas with high barriers to entry, like this location in Manalapan Township,” said Rory Shelby, first vice president.
Shelby, Christopher Biuso, and Scott Gould, investment specialists in the Marcus & Millichap Orlando office, had the exclusive listing to market the property on behalf of the seller, 397 Route 33, LLC.The buyer, a private investor, was also secured and represented by Shelby,Biuso, and Gould. Jim McGuckin, broker of record in New Jersey, assisted in closing this transaction.
Herc Rentals is located at 397 NJ-33 in Manalapan Township.The property is ideally located in central New Jersey, surrounded by distribution/logistics developments with direct frontage on NJ-33 and easy access to I-95 and the Jersey Turnpike. The property is 35 miles from New York City and 45 Miles to Philadelphia.
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.
