190-200 Baldwin Road in Parsippany — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has purchased a more than 45,000-square-foot retail center in Parsippany for $18.5 million, according to a brokerage team with Marcus & Millichap.
In a news release, the agency said the property at 190-200 Baldwin Road is fully occupied and anchored by Walgreens, Concentra, Enterprise Rent-A-Car and State Farm. That provided a draw for prospective buyers, as did its location at a signalized intersection with Route 46 and minutes from interstates 80 and 287.
Marcus & Millichap’s Alan Cafiero, David Cafiero and John Moroz represented the seller and procured the buyer of the 45,135-square-foot Baldwin Shopping Center, which was built in 1970 and renovated in 2012, the news release said. Bill Schlossman of Castle Real Estate Services assisted the seller on the listing side of the transaction.
“Well-positioned shopping centers along top retail corridors in northern New Jersey always attract considerable investor interest,” said Alan Cafiero, senior managing director for investments in the firm’s New Jersey office. “Baldwin Shopping Center was no different, with the property attracting multiple offers and ultimately selling to a 1031 exchange buyer.”
In announcing the deal, the team noted that Route 46 sees more than 45,000 vehicles per day. More than 131,000 residents live within a five-mile radius, with an average household income exceeding $150,000.
