21-29 Union Ave. in Somerville — Courtesy: Marcus & Millichap
By Joshua Burd
An investment firm has sold a nearly 21,000-square-foot retail property in Somerville for more than $3.5 million, brokers with Marcus & Millichap announced Tuesday.
In a news release, the team said it represented SNS Real Estate Investment Group LLC in its trade of Union Avenue Plaza at 21-29 Union Ave. A personal trust acquired the fully occupied, 20,866-square-foot center, which has eight tenants and is anchored by the state Department of Motor Vehicles, benefiting from its proximity to Interstate 287 and routes 22 and 202.
The property is also roughly a mile from downtown Somerville.
“In today’s fluctuating market, surety of closure is paramount,” said Brent Hyldahl, first vice president of investments with Marcus. “The auction process provides a clear framework, a definitive timeline, and creates a competitive environment. By utilizing Ten-X and their platform, we were able to generate a market with intense bidding competition and are proud to have delivered for both the seller and the new owner.”
Hyldahl and Alan Cafiero completed the $3.525 million deal on the seller’s behalf and procured the buyer.