JERSEY CITY, NEW JERSEY: November 30, 2018 – Marcus & Millichap (NYSE: MMI), a leading Commercial Real Estate Investment Services Firm with offices throughout the United States and Canada, today announced the sale of BP Gasoline, located in Jersey City, New Jersey.
Agents Preet Sabharwal, Dan Corcoran, and Michael Grunberg of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller. “The demand curve for necessity-based retail continues to grow, especially in core market MSAs” states Sabharwal.
The deal was unique in that during the course of marketing this asset, the 10-year treasury increase by 80+ basis points. Grunberg adds, “Despite the challenges, the net lease market continues its bull run on corporate net lease properties even in a raising interest rate environment.”
Closing Price – $3,653,454
This highly visible gas station is located directly off of I-78, a major highway connecting Pennsylvania, New Jersey, and New York seeing more than 110,000 vehicles per day. BP Gasoline is located on 1505 John Fitzgerald Kennedy Blvd., Jersey City, NJ 07047