727 Broad St. in Newark — Courtesy: JLL
By Joshua Burd
A private investor has acquired a retail property in downtown Newark, brokers with JLL announced, touting a potential redevelopment opportunity in a growing section of the city.
In a news release, JLL said the buyer paid $9 million for the 62,275-square-foot building at 727 Broad St. Brokers noted that the property sits on nearly two-thirds of an acre, occupying a full city block across from Military Park and a short walk from Newark Penn Station.
The structure also sits within a federally designated Opportunity Zone, offering potential tax savings to investors who improve the property and hold it for several years.
“Opportunity Zone capital is still looking for quality redevelopment sites,” JLL Managing Director Michael Oliver said. “The buyer is making a substantial investment in the future growth of downtown Newark.”
Oliver represented the private seller alongside Senior Vice President Marta Villa, senior managing directors Jose Cruz and Kevin O’Hearn and Managing Director Steve Simonelli. They also noted that the asset is surrounded by large employers and demand drivers, including the Prudential Center, the New Jersey Performing Arts Center and the city’s cluster of health care and higher education institutions.
