Baldwin Shopping Center Sells for 18.5M as Parsippany Retail Market Heats Up

A private investor purchased the Baldwin Shopping Center in Parsippany for $18. 5 million, according to Marcus & Millichap. The shopping center spans over 45,000 square feet and is fully leased to a variety of national tenants, including Walgreens and Concentra Urgent Care. Its prime location at a signalized intersection near Route 46 and significant traffic flow contributed to the buyer's strong interest. The deal was facilitated by Alan Cafiero, David Cafiero, and John Moroz of Marcus & Millichap, who represented both parties.

"Well-positioned shopping centers along major retail corridors in northern New Jersey continue to attract significant investor attention," said Cafiero. Built in 1970 and renovated in 2012, the center benefits from more than 45,000 vehicles passing daily. The area boasts over 131,000 residents with an average household income exceeding $150,000, highlighting the strong local market. This transaction reflects ongoing investor confidence in the retail sector of Parsippany and its surrounding regions.