Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced Nov. 21 the sale of Union Avenue Retail Center, a 21,897-square-foot center in Rutherford for $7.35 million.
The buyer and seller were not identified. Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer.
Located at 308–314 Union Ave., it is a single-story, seven-unit property that was built in 1925 and renovated in 2019 on a 1.9-acre parcel.
The site has a 111-space parking lot, is less than one mile from the NJ Transit Rutherford Station, and is near routes 17, 3 and 21.
“Stabilized retail centers in Bergen County consistently achieve significant investor demand,” said Alan Cafiero, senior managing director investment in Marcus & Millichap’s New Jersey office. “Our team had nearly 10 offers on this property and ultimately closed with a local, cash buyer.”
The center is anchored by Dunkin’ and Kiddie Academy, with other tenants including Three Star News Stand, Next Big Coder, Master Park’s and Laundry Guy’s.
