Marcus & Millichap announced the sale of a two-tenant retail strip located at 345 Union Boulevard in Totowa for $2,235,000.
The transaction underscores the strong investor demand for stable retail assets in North Jersey’s prime downtown locations.
“Stabilized retail strip centers in top downtowns across northern New Jersey are always highly sought after by private investors,” Alan Cafiero, senior managing director Investments in Marcus & Millichap’s New Jersey office said. “We received multiple offers on this asset and ultimately sold it at the full asking price.”
Alan Cafiero, along with David Cafiero and John Moroz, represented the seller and procured the buyer, a local investor.
The property, totaling 4,950 square feet and built in 1970, is 100% occupied by two long-standing local businesses: Brooklyn Bagel, which has operated there for over 35 years, and Elite Spine & Sports Care of Totowa, in business for over a decade.
Situated along Union Boulevard, Totowa’s primary downtown shopping corridor, the location benefits from daily traffic counts exceeding 15,000 vehicles and is conveniently near major roadways, including Interstates 80, 46, and 23. The site also includes 22 on-site parking spaces and has received recent capital improvements, such as a refinished roof and parking lot.
