Marcus & Millichap on Friday announced it helped facilitate the sale of Union Avenue Retail Center, a 21,897-square-foot retail property in Rutherford, for $7.35 million. The transaction highlights the continued high investor demand for stable commercial assets in Bergen County.
The commercial real estate brokerage firm’s team, led by Alan Cafiero, David Cafiero and John Moroz, represented the seller and secured the buyer.
“Stabilized retail centers in Bergen County consistently achieve significant investor demand,” Alan Cafiero, senior managing director Investment in Marcus & Millichap’s New Jersey office said. “Our team had nearly 10 offers on this property and ultimately closed with a local, cash buyer.”
The single-story, seven-unit center is located at 308–314 Union Ave. and sits on a 1.9-acre parcel. Originally built in 1925, the property received an extensive renovation in 2019, contributing to its stable market appeal.
The center features a mix of necessity-based and service-oriented tenants, including anchors Dunkin’ and Kiddie Academy. Other tenants include Three Star News Stand, Next Big Coder, Master Park’s and Laundry Guy’s.
Its location is highly attractive to both tenants and customers, boasting a 111-space parking lot and exceptional connectivity:
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It is located less than one mile from the NJ Transit Rutherford Station.
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The site offers convenient access to major regional thoroughfares, including Route 17, Route 3, and Route 21.
The sale underscores the strength of the investment market for well-located, stabilized retail assets in the dense New York metropolitan area.
