308-314 Union Ave. in Rutherford — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a nearly 22,000-square-foot retail property in Rutherford for $7.35 million, brokers with Marcus & Millichap announced Friday.
According to the listing team, the center at 308-314 Union Ave. drew interest thanks in part to a strong tenant mix that includes Dunkin’ and Kiddie Academy as anchors and five other tenants. The 21,897-square-foot property also benefits from its proximity to routes 17, 3 and 21, as well as NJ Transit’s Rutherford station.
Built in 1925 and renovated in 2019, the single-story complex sits on a 1.9-acre parcel with a 111-space parking lot.
“Stabilized retail centers in Bergen County consistently achieve significant investor demand,” said Alan Cafiero, senior managing director for investments in Marcus & Millichap’s New Jersey office, who represented the seller alongside David Cafiero and John Moroz. “Our team had nearly 10 offers on this property and ultimately closed with a local, cash buyer.”
