Marcus & Millichap Brokers $2.24 Million Sale of Two-Tenant Retail Strip in Totowa, New Jersey

Strategic Insights -

A two-tenant retail strip in Totowa, New Jersey, was sold for $2,235,000, marking a significant commercial real estate transaction in the region. The property, located at 345 Union Blvd, is 100% occupied by Brooklyn Bagel and Elite Spine & Sports Care of Totowa, both with a strong presence in the local community. The sale was brokered by Marcus & Millichap, a leading commercial real estate brokerage firm, which has a proven track record of successful transactions in the area.

Key Takeaways:

  • The sale of the two-tenant retail strip in Totowa, New Jersey, was brokered by Marcus & Millichap for $2,235,000.
  • The property, located at 345 Union Blvd, is 100% occupied by Brooklyn Bagel and Elite Spine & Sports Care of Totowa, both with a strong local presence.
  • The sale represents a significant commercial real estate transaction in the region, with a total of 4,950 square feet of retail space.
  • The property features 22 on-site parking spaces and recent capital improvements, including a refinished roof and parking lot.
  • The location, along Union Boulevard in Totowa's primary downtown shopping corridor, sees daily traffic counts exceeding 15,000 vehicles and is near major roadways, including Interstates 80, 46, and 23.
  • The sale was handled by Alan Cafiero, David Cafiero, and John Moroz of Marcus & Millichap, who represented the seller and procured the buyer, a local investor.
  • The buyer is a private investor, who was attracted to the property's stabilized retail strip center with a strong local market presence.
  • The transaction highlights the appeal of commercial real estate in northern New Jersey, attracting private investors and other market participants.

Statistics:

  • Sale Price: $2,235,000
  • Property Size: 4,950 square feet
  • Parking Spaces: 22
  • Number of Tenants: 2 (Brooklyn Bagel and Elite Spine & Sports Care of Totowa)
  • Occupancy Rate: 100%
  • Location: Totowa, New Jersey, with access to major roadways, including Interstates 80, 46, and 23
  • Time period: The sale was completed in 2025, with a sales volume of $2,235,000.

Sources:

  • Marcus & Millichap, Inc. (NYSE: MMI)

https://www.marcusmillichap.com/news-events/press/2025/10/10-27-two-tenant-retail