Marcus & Millichap arranged the sale of a fully occupied, 10,369-square-foot mixed-use property at 1 Elm St. in Westfield, NJ. The asset sold for $5 million.
“Investment in transit-oriented assets in premier New Jersey downtowns remains robust,” said Alan Cafiero, senior managing director 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.” Alan Cafiero and David Cafiero, senior director investments, represented the seller.
Built in 1922 and renovated in 2018, the two-story property is positioned across from the Westfield Train Station and One Westfield Place, a large-scale mixed-use development under construction. Tenants include Keller Williams Premier Properties, McLaughlin & Stern Law Firm and Arnhem Inc.
The property is 1.7 miles from U.S. Route 22 and 3.2 miles from the Garden State Parkway. The surrounding area supports more than 350,000 residents within five miles.
The post Transit-Oriented Mixed-Use Changes Hands in Westfield appeared first on Connect CRE.