Marcus & Millichap Inc.
10/14/2025 | Press release | Distributed by Public on 10/15/2025 11:31
Marcus & Millichap Facilitates $18.5 Million Sale of Anchored Retail Center in New Jersey Suburb
Press Releases
Marcus & Millichap Facilitates $18.5 Million Sale of Anchored Retail Center in New Jersey Suburb
October 14, 2025
LinkedIn Email App
PARSIPPANY-TROY HILLS, N.J., Oct. 14, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $18.5 million sale of Baldwin Shopping Center, a 45,135-square-foot anchored retail center in Parsippany-Troy Hills, New Jersey.
"Well-positioned shopping centers along top retail corridors in northern New Jersey always attract considerable investor interest," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "Baldwin Shopping Center was no different, with the property attracting multiple offers and ultimately selling to a 1031 exchange buyer."
Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer. Bill Schlossman of Castle Real Estate Services, licensed real estate broker, assisted the seller on the listing side of the transaction.
Built in 1970 and renovated in 2012, Baldwin Shopping Center is located at 190-200 Baldwin Road on a 3.92-acre site. The property is 100% occupied and anchored by Walgreens, Concentra, Enterprise Rent-A-Car and State Farm. Other tenants include a mix of dining and retail.
The center is positioned at the signalized intersection of Baldwin Road and Route 46, which sees more than 45,000 vehicles per day, and is near Interstates 80 and 287, providing strong regional connectivity. More than 131,000 residents live within a five-mile radius, with an average household income exceeding $150,000.
"Well-positioned shopping centers along top retail corridors in northern New Jersey always attract considerable investor interest," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "Baldwin Shopping Center was no different, with the property attracting multiple offers and ultimately selling to a 1031 exchange buyer."
Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer. Bill Schlossman of Castle Real Estate Services, licensed real estate broker, assisted the seller on the listing side of the transaction.
Built in 1970 and renovated in 2012, Baldwin Shopping Center is located at 190-200 Baldwin Road on a 3.92-acre site. The property is 100% occupied and anchored by Walgreens, Concentra, Enterprise Rent-A-Car and State Farm. Other tenants include a mix of dining and retail.
The center is positioned at the signalized intersection of Baldwin Road and Route 46, which sees more than 45,000 vehicles per day, and is near Interstates 80 and 287, providing strong regional connectivity. More than 131,000 residents live within a five-mile radius, with an average household income exceeding $150,000.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on October 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 15, 2025 at 17:31 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]