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Baldwin Shopping Center - 190-200 Baldwin Road, Parsippany, NJ

Property Details

  • Price :

  • Square Feet :

  • Cap Rate :

  • $18,915,000

  • 45,135

  • 7.00%

  • NOI :

  • Acres :

  • $1,324,111

  • 3.92

  • Property Type :

  • Property Status :

  • Retail

  • Available

Investment Highlights

TENANT(S)

  • Baldwin Shopping Center is a 45,135 SF shopping center anchored by national tenants Walgreens w/drive thru, Concentra, Enterprise, and State Farm (58% of GLA)
  • A diversified roster of 15 tenants with a mix of medical, service, dining, and neighborhood retail uses catering to daily needs and providing resilience across economic cycles
  • Other recognizable tenants include Picatinny Federal Credit Union, Flynn & O'Hara (uniforms), and Code Ninjas


LEASE(S)

  • Net leases with all tenants responsible for their proportionate share of real estate taxes, insurance, and common area maintenance (CAM)
  • Many of the inline shop tenants have annual rent increases ensuring steady rent growth over time
  • Several of the rents are below market, offering upside potential upon rollover or re-tenanting


LOCATION

  • Located at the signalized intersection of Baldwin Road and Route 46, the property benefits from high visibility (oversized pylon sign) and strong daily traffic counts exceeding 45,000 VPD.  
  • Parsippany is one of New Jersey's most affluent and densely populated suburban markets, with over 131K people within 5 miles and an average household income over $153K within 1 mile
  • Several garden style apartment complexes directly behind the shopping center totaling over 1,400 units with Baldwin Road being the main connector to Route 46 for all cars to pass by the shopping center
  • Within a short distance to a confluence of highway arteries including I-80, I-287, I-280, Routes 46 & 202


MARKET

  • Parsippany is a major corporate hub, home to several Fortune 500 companies and regional offices
  • The market's strong employment base and daytime population drive consistent demand for service-oriented retail and healthcare uses