Union Avenue Plaza at 21-29 Union Ave. in Somerville — Courtesy: Marcus & Millichap
By Joshua Burd
A two-building, 20,700-square-foot retail and medical office complex in Somerville has changed hands for nearly $3.8 million, brokers with Marcus & Millichap announced.
The investment sales firm said Monday that it completed the sale of Union Avenue Plaza, which sits at 21-29 Union Ave., on behalf of a private investor. An LLC acquired the property for $3.765 million.
Marcus & Millichap investment specialists Alan Cafiero, Brent Hyldahl and Ben Sgambati represented the seller and the buyer.
“There is still a very high demand for neighborhood centers with service-based tenants,” Hyldahl said. “The buyer was in an exchange and used the property to satisfy his 1031 upleg.”
The property consists of two buildings, a retail strip center facing Union Avenue and a rear building holding two medical office tenants.
