Marcus & Millichap Brokers $18.5 Million Sale Of Baldwin Shopping Center In Parsippany

The Baldwin Shopping Center is a fully leased retail property located at 190-200 Baldwin Road in Parsippany-Troy Hills, N.J. The asset spans 45,135 square feet and was sold for $18,500,000, representing a price per square foot of $410. Built in 1970 and renovated in 2012, it features notable tenants including Walgreens, Concentra, Enterprise Rent-A-Car, and State Farm.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $18,500,000
• Square Footage: 45,135
• Price per Square Foot: $410
• Address: 190-200 Baldwin Road
• Market: Parsippany
• Brokers: Alan Cafiero, David Cafiero & John Moroz - Marcus & Millichap

The transaction was facilitated by Marcus & Millichap, which managed the sale of the shopping center. The property was purchased by a 1031 exchange buyer after receiving multiple offers, indicating a competitive bidding process for this retail asset.