Marcus & Millichap a prominent commercial real estate brokerage firm, on Tuesday announced the successful $18.5 million sale of the Baldwin Shopping Center, a 45,135-square-foot anchored retail property situated in Parsippany-Troy Hills.
The transaction highlights the continued high demand for well-located retail assets in affluent Northern New Jersey suburbs.
“Well-positioned shopping centers along top retail corridors in northern New Jersey always attract considerable investor interest,” Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office said. “Baldwin Shopping Center was no different, with the property attracting multiple offers and ultimately selling to a 1031 exchange buyer.”
Alan Cafiero, David Cafiero, and John Moroz of Marcus & Millichap represented the seller and were instrumental in procuring the buyer. Bill Schlossman of Castle Real Estate Services also assisted the seller on the listing side.
The Baldwin Shopping Center, constructed in 1970 and renovated in 2012, is located at 190–200 Baldwin Road on a 3.92-acre parcel. It is currently 100% occupied and features a strong lineup of anchor tenants including Walgreens, Concentra, Enterprise Rent-A-Car, and State Farm, complemented by a mix of dining and retail establishments.
The center benefits from a strategic location at the signalized intersection of Baldwin Road and Route 46, which registers a high daily traffic count exceeding 45,000 vehicles. Its proximity to Interstates 80 and 287 ensures strong regional access. The local demographics are robust, with over 131,000 residents living within a five-mile radius, boasting an average household income that surpasses $150,000.
