Marcus & Millichap closed the sale of 219-225 E. Broad St., a mixed-use property in Westfield, NJ. The asset sold for $5.9 million in the second sale the firm arranged in this union County suburb in as many weeks.
“This transaction reflects the continued demand for well-located mixed-use assets in New Jersey’s strongest downtown markets,” said Alan Cafiero, executive managing director investments in Marcus & Millichap’s New Jersey office. “Westfield’s combination of high-quality demographics, strong retail fundamentals and direct rail access to New York City continues to attract investors looking for long-term stability and value.”
Cafiero, David Cafiero and Damien Rance of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer.
The property is a two-story, 13,006-square-foot building on a 0.26-acre lot. It has five suites and was renovated in 1995. It is fully occupied by Sweetgreen, Club Pilates, Fred Astair Dance Studio, GamifyU and Exploratores.
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