Marcus & Millichap Real Estate Investment Services has announced the sale of The Pavilion, a 5,400 s/f retail property located o

Marcus & Millichap Real Estate Investment Services has announced the sale of The Pavilion, a 5,400 s/f retail property located on Route 72 in Manahawkin, N.J. The asset commanded a sales price of $1,125,000 representing a 7.89% cap rate. Michael Lombardi, a senior investment specialist in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local developer. Michael and Darren Griffith, also an investment specialist in the New Jersey office, represented the buyer, a private investor. The property sold for $208 psf.

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