A busy retail strip located at 308-314 Union Avenue in Rutherford changed hands for $7.35 million. Union Avenue Retail Center, a 21,897-square-foot, seven-unit property, is anchored by a Dunkin’. Commercial real estate brokerage firm Marcus & Millichap Inc. brokered the transaction.
Marcus & Millichap’s Alan Cafiero, David Cafiero, and John Moroz handled the sales marketing effort for the seller and located the buyer for the Rutherford property.
“Stabilized retail centers in Bergen County consistently achieve significant investor demand,” commented Alan Cafiero, Senior Managing Director of 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.”
The single-story property was built in 1925 on a 1.9-acre parcel of land. The Bergen County center underwent major renovations in 2019. In addition to Dunkin’, other tenants include Kiddie Academy, Three Star News Stand, Laundry Guy’s, Next Big Coder, and Master Park’s. The retail strip offers 111 parking spaces. Union Avenue Retail Center experiences high traffic with its proximity to the NJ Transit Rutherford Station as well as Route 17, Route 3 and Route 21.
