Marcus & Millichap Inc.
10/27/2025 | Press release | Distributed by Public on 10/27/2025 14:56
Marcus & Millichap Brokers $2.24 Million Sale of Two-Tenant Retail Strip in Totowa, New Jersey
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Marcus & Millichap Brokers $2.24 Million Sale of Two-Tenant Retail Strip in Totowa, New Jersey
October 27, 2025
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TOTOWA, N.J., Oct. 27, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a two-tenant retail strip at 345 Union Blvd, Totowa, New Jersey, for $2,235,000.
"Stabilized retail strip centers in top downtowns across northern New Jersey are always highly sought after by private investors," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "We received multiple offers on this asset and ultimately sold it at the full asking price."
Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, a local investor.
The 4,950-square-foot property, built in 1970 and situated on 0.23 acres, is 100% occupied by Brooklyn Bagel and Elite Spine & Sports Care of Totowa. Both tenants have longstanding local roots-Brooklyn Bagel has operated for more than 35 years, and Elite Spine has been in business for over a decade. The property features 22 on-site parking spaces and recent capital improvements, including a refinished roof and parking lot.
Located along Union Boulevard, Totowa's primary downtown shopping corridor, the property sees daily traffic counts exceeding 15,000 vehicles and is near major roadways, including Interstates 80, 46 and 23.
"Stabilized retail strip centers in top downtowns across northern New Jersey are always highly sought after by private investors," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "We received multiple offers on this asset and ultimately sold it at the full asking price."
Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, a local investor.
The 4,950-square-foot property, built in 1970 and situated on 0.23 acres, is 100% occupied by Brooklyn Bagel and Elite Spine & Sports Care of Totowa. Both tenants have longstanding local roots-Brooklyn Bagel has operated for more than 35 years, and Elite Spine has been in business for over a decade. The property features 22 on-site parking spaces and recent capital improvements, including a refinished roof and parking lot.
Located along Union Boulevard, Totowa's primary downtown shopping corridor, the property sees daily traffic counts exceeding 15,000 vehicles and is near major roadways, including Interstates 80, 46 and 23.
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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.
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