Marcus & Millichap Closes Sale of Downtown Westfield Mixed-Use
Marcus & Millichap arranged the sale of 251 North Ave. W., a mixed-use property in Westfield, NJ, for $5,260,000. Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the private buyer.
“Downtown Westfield continues to be one of the most desirable mixed-use investment markets in New Jersey,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “The combination of a premier downtown location, immediate proximity to the train station and a strong, diverse tenant roster generated significant investor interest in this asset.”
The property is a three-story, 17,831-square-foot building on a 0.18-acre lot with direct access to municipal commuter parking. It has nine suites and was renovated in 2014. The rent roll features a diverse mix of service-oriented tenants, including Columbia Bank, Edward Jones, the State of New Jersey, BAYADA Home Health Care and Rooster Spin.
