1 Elm St. in Westfield — Courtesy: Marcus & Millichap
By Joshua Burd
A historic commercial property across from the Westfield train station has changed hands for $5 million, brokers with Marcus & Millichap announced Wednesday.
In a news release, the firm said 1 Elm St. is home to 10,369 square feet of office space that is fully occupied by tenants such as Keller Williams Premier Properties, McLaughlin & Stern LLP and Arnhem Inc. It noted that the two-story property, which was built in 1922 and renovated in 2018, is in the heart of the downtown and across from what will be the mixed-use One Westfield Place project that’s now underway.
“Investment in transit-oriented assets in premier New Jersey downtowns remains robust,” said Alan Cafiero, a senior managing director for investments in Marcus & Millichap’s New Jersey office. “The combination of a trophy location adjacent to a train station and predictable cash flow made this a highly sought-after opportunity.”
Cafiero and David Cafiero, senior director for investments, represented the undisclosed seller. In announcing the deal, they noted that the property is 1.7 miles from Route 22 and 3.2 miles from the Garden State Parkway, while there are more than 350,000 residents within five miles of the property, with an average household income exceeding $227,000 within one mile.
