4700 Bergenline Ave. in Union City — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a 22,000-square-foot retail center in a key business district in Union City, in a newly announced deal by Marcus & Millichap.
The brokerage team said the buyer, which was undisclosed, paid $7.8 million for the CVS Pharmacy-anchored property at 4700 Bergenline Ave. The center is also home to a laundromat and a physical therapy business, occupying a roughly 0.92-acre parcel at a signalized intersection and in a corridor with strong pedestrian activity and more than 10,000 vehicles per day.
Marcus & Millichap’s Alan Cafiero, Brent Hyldahl and Devin Perez represented the seller, and, along with Dean Matuszewicz, procured the buyer. They noted that the site is a short distance from the Hudson-Bergen Light Rail’s 49th Street station and provides convenient access to interstates 95 and 495 and Route 1&9, while it’s some three miles from the Lincoln Tunnel and Midtown Manhattan.
“Stabilized retail centers in northern New Jersey are always in high demand from the investment community,” said Cafiero, a senior managing director in Marcus & Millichap’s New Jersey office. “That is especially true for this asset, which is located in the most densely populated portion of the state.”
