Marcus & Millichap brokers $5.9M sale of mixed-use property

WESTFIELD, NJ — Marcus & Millichap announced today the sale of 219-225 E. Broad St., a mixed-use property in Westfield. The asset sold for $5.9 million.

“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 marketed the property on behalf of the seller and procured the buyer.

The property is a two-story, 13,006 s/f 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.

The property is surrounded by retailers, restaurants, offices and residential communities. It is within walking distance of the Westfield Train Station and close to State Routes 28, 22 and the Garden State Parkway.