Marcus & Millichap closed the sale of two adjacent retail properties in Maplewood, NJ for $4,262,500. Located at 1812 and 1802 Springfield Ave., the 12,415-square-foot freestanding properties are leased to Dollar General and Sherwin-Williams.

“Credit-tenant net leases in northern New Jersey always generate tremendous demand from the investment community,” said Alan Cafiero, senior managing director investments. “In addition to investment-grade credit, this property was located along one of the main retail corridors in Maplewood with excellent visibility.” 

Alan Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller and procured the buyer. 

The Dollar General building was recently renovated and features a new 10-year lease with two five-year renewal options and scheduled rent increases. Sherwin-Williams has occupied the site since 1986 and recently completed façade improvements. Other national retailers nearby include Advance Auto Parts, Walgreens, Wawa and T-Mobile.

Marcus & Millichap closed the sale of adjacent industrial and office properties in Long Island City, Queens, for $8.5 million. Jakub Nowak, investment specialist in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller, Vernon Associates LLC, and procured the buyer, a local private investor.

“The $8.5-million sale of 37-11 Vernon Blvd. in Long Island City highlights both the strength of the local industrial market and the creative strategies we use to benefit our clients, especially in an environment with financing challenges,” said Nowak. “By structuring a triple net lease for the adjacent 814 37th Ave. property, with the buyer as the tenant, we enabled the buyer to take operational control of the entire asset without having to finance the full acquisition upfront. This approach benefited both parties and secured a well-capitalized deal in one of New York City’s most sought-after industrial hubs.”

The properties, located at 37-11 Vernon Blvd. and 814 37th Ave., total 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. 

MicroVention, a neuroendovascular medical device company, acquired 45 Enterprise, a 242,706-square-foot high-rise office building in Aliso Viejo, for $42.25 million, or $183 per square foot. CBRE’s Carol Trapani and Allison Kelly represented MicroVention. Newmark’s Kevin Shannon, Rob Hannan, Paul Jones, Ken White and Brandon White represented the seller, Pacific Life Insurance Company. The property is adjacent to MicroVention’s headquarters.

“MicroVention secured the asset well below replacement cost, which will ensure the potential for their long-term growth while locking in a low occupancy cost for the long term,” said Trapeni. Added Jones, “With the displacement of office product and lack of institutional investors, full or partial owner-users are seeing tremendous buying opportunities in today’s market.”

45 Enterprise is a nine-story, vacant building built in 2007 and renovated in 2022. The property features open floorplates, an onsite cafeteria, conference and meeting rooms, building signage and a parking ratio of 4.6 spaces per every 1,000 rentable square feet. The property is adjacent to State Route 73 and near Interstate 5, providing connectivity throughout Orange County and the entire Southern California region.