Marcus & Millichap Brokers $14.67M Sale of Park Plaza Retail Center in Matawan, New Jersey
Marcus & Millichap has brokered the $14.67 million sale of Park Plaza, a neighborhood retail center in Matawan, New Jersey, the firm announced Aug. 7, 2026. The 61,750-square-foot property, situated on a 5.86-acre lot in Monmouth County, traded between two private investors from New Jersey.
Deal Details and Property Overview
Park Plaza is located at 343-351 State Route 34 and was built in 1986. The center contains 20 suites and features a tenant mix spanning dining, lifestyle, retail and service-oriented uses, including a Dunkin' with a drive-thru. Based on the reported sale price and square footage, the transaction implies a price of approximately $238 per square foot. Cap rate and loan details were not disclosed in connection with the sale.
Seth Goldberg, associate director investments in Marcus & Millichap's New Jersey office, along with colleagues Brent Hyldahl and Alan Cafiero, exclusively marketed the property on behalf of the seller and also procured the buyer.
Broker Commentary on Investor Demand
"Park Plaza attracted significant investor interest due to its diverse tenant mix, strong visibility and strategic location within one of Monmouth County's most established retail corridors," Goldberg said in a statement. "Well-positioned neighborhood shopping centers with durable cash flow continue to be highly sought after, and this transaction reflects the sustained demand for quality retail assets in New Jersey."
Location and Access
The property's position along State Route 34 provides access to several major transportation arteries, including the Garden State Parkway and Routes 9, 18, 35 and 36. Park Plaza is also within driving distance of New York City, Princeton and Philadelphia. The center is surrounded by additional retailers, restaurants and residential communities, factors that support foot traffic for convenience- and service-oriented tenants.
Market Context
The transaction reflects sustained investor appetite for neighborhood retail centers with diversified tenant rosters and durable cash flow in established suburban trade areas. The property's access to a dense regional population base and major transportation corridors were cited as key drivers of buyer interest. Monmouth County sits within the New York metropolitan area, where household density and commuter infrastructure have historically supported neighborhood retail.
Marcus & Millichap, which trades on the New York Stock Exchange under the ticker MMI, reported 8,818 transactions and approximately $50.9 billion in sales volume for the full year 2025. As of Dec. 31, 2025, the firm had 1,808 investment sales and financing professionals operating across more than 80 offices in the United States and Canada.
Sources
Marcus & Millichap Press Release — Park Plaza, Matawan, NJ (Aug. 7, 2026)