100-Year-Old Rutherford Retail Center Sells For $7.35M

By Cecilia Levine From Daily Voice

A 100-year-old retail center in Bergen County has been sold for $7.35 million, a commercial real estate firm announced.

The 22,000-square-foot center, Union Avenue Retail Center, located at 308–314 Union Ave., spans 21,897 square feet and includes seven single-story units, according to a Nov. 21 release from Marcus & Millichap. The property was built in 1925 and renovated in 2019 on a 1.9-acre parcel, according to the firm.

“Stabilized retail centers in Bergen County consistently achieve significant investor demand,” said Alan Cafiero, senior managing director investment at Marcus & Millichap’s New Jersey office. “Our team had nearly 10 offers on this property and ultimately closed with a local, cash buyer.”

Alan Cafiero, David Cafiero, and John Moroz represented the seller and also procured the buyer.

The center is anchored by Dunkin’ and Kiddie Academy, with additional tenants including Three Star News Stand, Next Big Coder, Master Park’s, and Laundry Guy’s. It features a 111-space parking lot, sits less than a mile from the NJ Transit Rutherford Station, and is close to Route 17, Route 3, and Route 21.