Marcus & Millichap Brokers $7.05M Sale of Mixed-Use Retail Center in Livingston, NJ
Marcus & Millichap has arranged the sale of 107 E. Mount Pleasant Ave., a mixed-use retail center in Livingston, New Jersey, for $7,050,000. The transaction, announced Aug. 10, 2026, was brokered by Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap's New Jersey office, who exclusively marketed the property on behalf of the seller and procured the buyer.
Property Details
The two-story building totals 26,240 square feet on a 2.3-acre lot and was originally constructed in 1970. The property comprises 19 units and 75 parking spaces, and includes a newly constructed car wash. At the time of sale, the center was 92% occupied by 17 tenants, consisting of six retailers and 11 office suites. Named tenants include a Kumon Institute, a deli, a cafe and a pharmacy. The sale price equates to approximately $268 per square foot.
107 E. Mount Pleasant Ave. is situated along one of Livingston's primary retail corridors, within a residential area near restaurants and retailers. The property is close to Interstate 280 and the Route 10 Circle.
Broker Commentary on Investor Demand
Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office, noted the relative scarcity of comparable product in the submarket. "High-quality mixed-use investment opportunities in affluent Essex County communities rarely come to market," Cafiero said. "The combination of stable occupancy, a newly constructed car wash and an irreplaceable location in Livingston generated exceptional investor demand, resulting in multiple competitive offers."
Cafiero also pointed to sustained investor appetite for well-positioned neighborhood retail assets across Northern New Jersey. "Investors continue to place a premium on well-located neighborhood retail and mixed-use properties in Northern New Jersey, particularly in communities with significant barriers to new development," he said. "Assets in markets like Livingston provide long-term stability and upside potential, and we expect demand for opportunities like this to remain strong."
Market Context: Neighborhood Retail in Supply-Constrained Suburbs
The Livingston transaction reflects broader conditions in the neighborhood retail segment, where vacancy rates have remained comparatively tight. Retail space availability reached its lowest level on record as of August 2024, and general retail has led positive absorption in recent reporting periods, with vacancy rates among the lowest across major commercial property types.
The property's service- and food-and-beverage-oriented tenant mix and its 92% occupancy rate place it within the stabilized range — commonly cited as roughly 90% to 95% occupancy — that investors have prioritized as underwriting standards have become more selective. The newly constructed car wash adds a newer income stream to an otherwise 1970-vintage asset.
Marcus & Millichap described Livingston and similar North Jersey communities as markets with significant barriers to new supply. The multiple competitive offers cited by the brokerage team are consistent with continued investor interest in stabilized product in affluent suburban corridors.
About Marcus & Millichap
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, with offices throughout the United States and Canada. As of Dec. 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices. Marcus & Millichap closed 8,818 transactions in 2025, with a total sales volume of approximately $50.9 billion.