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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.
- ◦Sale/Acquisition

