WESTFIELD, NJ — A mixed-use building in downtown Westfield has sold for $5.26 million, according to Marcus & Millichap.
The property at 251 North Ave. W. is next to the Westfield Train Station and was marketed by brokers in the firm's New Jersey office.
Marcus & Millichap identified the property as a three-story, 17,831-square-foot building on a 0.18-acre lot with direct access to municipal commuter parking.
The firm said the building has nine suites and was renovated in 2014.
Major tenants listed in the rent roll include Columbia Bank, Edward Jones, the State of New Jersey, BAYADA Home Health Care and Rooster Spin.
"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 announcement did not identify the buyer or seller.
The brokerage said the building is adjacent to the Westfield Train Station and the One Westfield Place redevelopment site.
"We continue to see investors place a premium on irreplaceable downtown locations like Westfield, where strong demographics, walkability, mass transit and limited investment inventory create long-term value," Cafiero added. "Assets of this quality in downtown Westfield rarely become available, which made this a unique opportunity for the buyer."
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