Union Avenue Plaza in Somerville sold for $3.525 million, according to a Tuesday announcement from Marcus & Millichap.
Brent Hyldahl and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, SNS Real Estate Investment Group LLC, and procured the buyer, an individual/personal trust.
Located at 21-29 Union Ave., this 20,866-square-foot retail center is situated near major highways, including Interstate 287 and Routes 22 and 202. The center has a total of eight tenants and is fully occupied and anchored by the New Jersey Department of Motor Vehicles, which has been operating there since the 1980s. Nearby national retailers include Macy’s, Starbucks, Chipotle and Chase Bank, and it is just 1.2 miles from Downtown Somerville.
“In today’s fluctuating market, surety of closure is paramount. The auction process provides a clear framework, a definitive timeline and creates a competitive environment,” Hyldahl said.