Busy Parsippany Shopping Plaza Sells For Millions

PARSIPPANY, NJ — A shopping center in the heart of Parsippany has sold for nearly $20 million.

Baldwin Shopping Center, located on Baldwin Road, was sold by Marcus & Millichap, a Saddle Brook-based real estate company that facilitated the deal, for $18.5 million.

The 45,135-square-foot shopping center is fully occupied by 15 tenants, including Walgreens, State Farm, Baldwin Pizzeria, Baldwin Laundromat, Soccer Zone USA, Gourmet Cafe Restaurant, among other businesses.

“Well-positioned shopping centers along top retail corridors in northern New Jersey always attract considerable investor interest,” said Alan Cafiero, senior managing director of investments in Marcus & Millichap’s NJ office. “Baldwin Shopping Center was no different, with the property attracting multiple offers and ultimately selling to a 1031 exchange buyer.”

The plaza was originally built in 1970 and was renovated in 2012. According to Marcus & Millichap, the intersection near the plaza (Baldwin Road and Route 46) sees roughly 45,000 cars daily, prompting many shoppers to enter the plaza.

Additionally, the real estate company says the plaza is within a five-mile radius of 131,000 residents with an average household income of $150,000 or more.