Marcus & Millichap on Tuesday announced the sale of a CVS Pharmacy-anchored strip center in Union City for $7,800,000.
The three-tenant retail property, which spans approximately 22,000 square feet, drew significant attention from the investment community due to its location in a highly desirable and densely populated corridor.
“Stabilized retail centers in northern New Jersey are always in high demand from the investment community,” 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.”
Located at 4700 Bergenline Ave., the property sits on a roughly 0.92-acre parcel at a signalized intersection. In addition to the CVS Pharmacy anchor, the center is occupied by a laundromat and a physical therapy use.
The location is a prime retail corridor in Hudson County, boasting strong pedestrian activity and high vehicle traffic. The site offers convenient access to major roadways, including Interstates 95 and 495, and is approximately three miles from the Lincoln Tunnel and Midtown Manhattan.
The transaction was brokered by Marcus & Millichap professionals Alan Cafiero, Brent Hyldahl, and Devin Perez, who represented the seller. They, along with Dean Matuszewicz, were responsible for procuring the buyer.
