PARSIPPANY — A private investor has acquired the Baldwin Shopping Center in Parsippany, a retail complex spanning more than 45,000 square feet, for $18.5 million, according to Marcus & Millichap.
Located at 190-200 Baldwin Road, the property is fully leased and anchored by national tenants. Its prime location at a signalized intersection near Route 46 and just minutes from Interstates 80 and 287 contributed to strong buyer interest.
A complete list of tenants include:
1. Walgreens (Drive-Thru Pharmacy)
2. Concentra Urgent Care
3. Picatinny Federal Credit Union
4. Green Pond Dry Cleaners
5. Baldwin Bagels & Bakery Deli
6. News Plus
7. Baldwin Coin-Op Laundry
8. Enterprise Rent-A-Car
9. Code Ninjas
10. State Farm
11. Baldwin Pizzeria
12. Gourmet Café Restaurant
13. Payal Beauty Salon
14. Soccer Zone USA
15. Flynn O’Hara Uniforms
Marcus & Millichap’s Alan Cafiero, David Cafiero, and John Moroz represented the seller and also secured the buyer in the transaction. Bill Schlossman of Castle Real Estate Services assisted the seller on the listing.
“Well-positioned shopping centers along major retail corridors in northern New Jersey continue to attract significant investor attention,” said Alan Cafiero, Senior Managing Director of Investments in Marcus & Millichap’s New Jersey office. “Baldwin Shopping Center was no exception, receiving multiple offers before ultimately selling to a 1031 exchange buyer.”
Built in 1970 and renovated in 2012, the 45,135-square-foot shopping center benefits from an average daily traffic count of over 45,000 vehicles on Route 46. Within a five-mile radius, the area boasts more than 131,000 residents with an average household income exceeding $150,000.
