Marcus & Millichap closes 3 Northern NJ sales totaling nearly $22.5 Million

HUDSON/BERGEN Counties — Marcus & Millichap announced the sale of a three-tenant strip center anchored by CVS Pharmacy in Union City. The asset sold for $7.8 million.

“Stabilized retail centers in northern New Jersey are always in high demand from the investment community,” said Alan Cafiero, senior managing director in Marcus & Millichap’s New Jersey office. “That is especially true for this asset which is located in the most densely populated portion of the state.”

Alan Cafiero, Brent Hyldahl, and Devin Perez represented the seller, and along with Dean Matuszewicz, procured the buyer.

Located at 4700 Bergenline Ave., the 22,000 s/f strip center is occupied by CVS Pharmacy, a laundromat and a physical therapy use on a roughly 0.92-acre parcel.

Marcus & Millichap announced the sale of Apple Montessori School, a single-tenant early education property in Township of Washington, NJ. The asset sold for $7.35 million.

“Net lease in northern New Jersey is always in high demand, specifically Bergen County,” said Alan Cafiero. “This property was newly built with a 15-year triple net lease, which, along with the location, attracted the buyer to the asset.”

Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer.

The newly constructed, 10,000 s/f Apple Montessori School at 95 Linwood Ave. features an in-ground outdoor swimming pool, 5,000 s/f of dedicated playground space, and a covered drop-off area, situated on a 1.5-acre parcel with 33 parking spaces.

Marcus & Millichap announced the sale of Union Avenue Retail Center, a 21,897-square-foot center in Rutherford for $7.35 million.

“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.”

Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer.

Located at 308–314 Union Ave., the single-story, seven-unit property was built in 1925 and renovated in 2019 on a 1.9-acre parcel. 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. The site features a 111-space parking lot, sits less than one mile from the NJ Transit Rutherford Station and is near Route 17, Route 3 and Route 21.