Chimney Rock Plaza, located at 564-574 Union Ave. in Bridgewater — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has paid more than $4 million to acquire a 14,700-square-foot retail center in Bridgewater, in a deal brokered by Marcus & Millichap.
In a news release, the brokerage said it represented both parties in the sale of 564-574 Union Ave., also known as Chimney Rock Plaza. Brian C. Hosey, regional manager of the firm’s New Jersey office, said the property traded for $4.21 million.
Ben Sgambati, Alan Cafiero and Brent Hyldahl, investment specialists in Marcus & Millichap’s Saddle Brook office, had the exclusive listing to market the property. Both the buyer and seller are private investors.
Chimney Rock Plaza sits on 1.73 acres and within the Interstate 287 submarket, the news release said. The property also offers close proximity to the Bridgewater Promenade, which features anchor tenants Costco, Target and Home Depot.