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Bridgewater retail property trades for $4.7 million, Marcus says

 564 Union Ave. in Bridgewater — Courtesy: Marcus & Millichap

By Joshua Burd

A buyer has paid nearly $4.7 million for a multitenant retail property in Bridgewater, in a newly announced transaction by Marcus & Millichap.

Brokers with the firm represented an undisclosed party in its sale of 564 Union Ave., the site of what’s known as Chimney Rock Plaza. The team also represented the buyer, a limited liability company, in its purchase of the 14,637-square-foot property.

“Multitenant retail in New Jersey continues to be in high demand,” Marcus & Millichap’s Brent Hyldahl said. “Interest rates are still historically low, and buyers are actively pursuing retail opportunities throughout the state.”

The team of Alan Cafiero, Hyldahl and Ben Sgambati represented the seller in the $4.67 million deal. Cafiero and Hyldahl represented the buyer.

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