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New York & Tri-State  + New Jersey  + Retail  | 
Completed in 2021, Butler Plaza in Butler, NJ is fully leased

New-Construction NJ Retail Trades for $24M 

Marcus & Millichap closed the sale of Butler Plaza, a 29,833-square-foot retail center in Butler, NJ. The asset sold for $23.5 million. 

“Completed in 2021, Butler Plaza drew investor interest on a national level due to its quality, A-list of credit tenants, and long-term leases,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “We fielded multiple offers and closed the sale for above asking price.”  

Alan Cafiero, along with David Cafiero and John Moroz, investment specialists on the Cafiero team, marketed the property on behalf of the seller, a limited liability company.   

The center is located at the intersection of Route 23 and Kinnelon Road/Kiel Avenue, three miles from Interstate 287. The tenants are CVS, Wawa, Panera Bread Sherwin Williams and Anthony Francos Pizzeria. CVS and Wawa are on new 20-year leases and Panera Bread has a new 15-year lease. 

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Inside The Story

Marcus & Millichap's Cafiero

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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