345 Union Blvd. in Totowa — Courtesy: Marcus & Millichap
By Joshua Burd
A local investor has purchased a nearly 5,000-square-foot strip center in Totowa for more than $2.2 million, in a newly announced deal by Marcus & Millichap.
According to the brokerage team, the property at 345 Union Blvd. is fully leased to Brooklyn Bagel and Elite Spine & Sports Care of Totowa. Those tenants have operated for more than 35 years and more than a decade, respectively, benefiting from the center’s proximity to Interstate 80 and routes 46 and 23, along with recent updates such as a refinished roof and parking lot with 22 on-site spaces.
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer of the 4,950-square-foot property, which was built in 1970 and occupies 0.23 acres. The center, which traded for $2.235 million, sits on Totowa’s primary downtown shopping corridor and sees daily traffic counts exceeding 15,000 vehicles.
“Stabilized retail strip centers in top downtowns across northern New Jersey are always highly sought after by private investors,” said Alan Cafiero, a senior managing director for investments in Marcus & Millichap’s Saddle Brook office. “We received multiple offers on this asset and ultimately sold it at the full asking price.”
