207 East Broad St. in Westfield — Courtesy: Marcus & Millichap
By Joshua Burd
A local investor has acquired a nearly 36,000-square-foot retail property in downtown Westfield for $4.7 million, brokers with Marcus & Millichap announced Monday.
According to a news release, the building at 207 East Broad St. is a short walk from the Westfield train station. The Gap has been a tenant at the two-story, 35,968-square-foot property for nearly 30 years, occupying a prime location within the town’s acclaimed business district.
Marcus & Millichap investment specialists Alan Cafiero, David Cafiero and Dean Matuszewicz represented the seller and procured the buyer, a local LLC, adding that nearby national retailers include Trader Joe’s, Five Guys, Starbucks and Walgreens.
“Investment properties located in transit-oriented downtowns always have significant interest from the investment community,” said Alan Cafiero, a senior managing director for investments based in the firm’s Saddle Brook office. “This deal was no different as this asset was located just two blocks from the Westfield train station. In addition, Westfield is one of the most sought-after downtowns in all of New Jersey.”