A pair of retail/office properties along the Jersey Shore were sold for a combined $5.35 million.
SRZ Properties LLC acquired 9218 Ventnor Avenue in Margate, New Jersey, for $3.15 million. The property encompasses nearly 8,000 square feet, along with an onsite parking lot and 20 additional leased spaces in the nearby Margate City Municipal Parking Lot.
109 34th Street in Ocean City, New Jersey, was sold to 109 34th Street TT ZZ LLC for $2.2 million. The 7,013-square-foot property comes with a 22-space dedicated parking lot.
Both properties house Berkshire Hathaway Fox & Roach Realtors offices. Michael Shover and Matthew Gorman, who led the CBRE Net-Lease Property Group Mid-Atlantic Team, coordinated the marketing campaign and represented the sellers, New Castle Avenue LLC and Berkshire Margate LLC.
“Both these properties offered the buyers an opportunity to own high quality, stabilized assets in the heart of the Jersey shore,” said Gorman. “They are fully leased to a blue-chip tenant with structured rental increases in place.”
Photo: 109 34th Street in Ocean City, New Jersey
