Marcus: Somerville retail, medical building trades for $3.8 million

Dec 4, 2018 | Deals, Education, Retail and Entertainment

Union Avenue Plaza at 21-29 Union Ave. in Somerville — Courtesy: Marcus & Millichap

By Joshua Burd

A two-building, 20,700-square-foot retail and medical office complex in Somerville has changed hands for nearly $3.8 million, brokers with Marcus & Millichap announced.

The investment sales firm said Monday that it completed the sale of Union Avenue Plaza, which sits at 21-29 Union Ave., on behalf of a private investor. An LLC acquired the property for $3.765 million.

Marcus & Millichap investment specialists Alan Cafiero, Brent Hyldahl and Ben Sgambati represented the seller and the buyer.

“There is still a very high demand for neighborhood centers with service-based tenants,” Hyldahl said. “The buyer was in an exchange and used the property to satisfy his 1031 upleg.”

The property consists of two buildings, a retail strip center facing Union Avenue and a rear building holding two medical office tenants.

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Joshua Burd

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for 13 years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.