Downtown Newark building sells for $9M

A retail property with redevelopment potential in downtown Newark has sold for $9 million, according to real estate firm JLL Capital Markets.

JLL said in a news release that the 62,275-square-foot property at 727 Broad St. was sold by an undisclosed seller to an undisclosed buyer. The building takes up a full city block within the downtown business district and a Qualified Opportunity Zone, JLL said.

A team including Michael Oliver, managing director; Marta Villa, senior vice president; Jose Cruz and Kevin O’Hearn, senior managing directors; and Steve Simonelli, managing director, handled the sale on behalf of the seller.

“Opportunity Zone capital is still looking for quality redevelopment sites,” Oliver said in a prepared statement. “The buyer is making a substantial investment in the future growth of downtown Newark.”