Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, this week announced the $18.5 million sale of Baldwin Shopping Center, a 45,135-square-foot anchored retail center in Parsippany-Troy Hills, to an unnamed buyer.
“Well-positioned shopping centers along top retail corridors in northern New Jersey always attract considerable investor interest,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “Baldwin Shopping Center was no different, with the property attracting multiple offers and ultimately selling to a 1031 exchange buyer.”
Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer. Bill Schlossman of Castle Real Estate Services, licensed real estate broker, assisted the seller on the listing side of the transaction.
Built in 1970 and renovated in 2012, Baldwin Shopping Center is at 190–200 Baldwin Road on a 3.92-acre site. The property is 100% occupied and anchored by Walgreens, Concentra, Enterprise Rent-A-Car and State Farm. Other tenants include a mix of dining and retail.
The center is positioned at the signalized intersection of Baldwin Road and Route 46, which sees more than 45,000 vehicles per day, and is near Interstates 80 and 287, providing strong regional connectivity. More than 131,000 residents live within a 5-mile radius of the property, with an average household income exceeding $150,000.
