Lee & Associates New Jersey arranged the sale of a two-story, 9,000-square-foot office building in Newark to locally based developer KS Group. According to the commercial real estate services firm, the trade reflects the appeal of targeted redevelopment opportunities in New Jersey’s largest — and second-fastest-growing — city.
Lee & Associates Assistant Vice President Jerry Joseph, Assistant Vice President Tarang Ramani and associate Kyle Janoczkin represented the seller, 260 Broadway LLC, in the transaction. The buyer was represented by Han Save of Group Twenty Six LLC.
“Investors remain bullish on commercial redevelopment in the city of Newark,” Joseph said. “This property’s prime location on Broadway, in one of the city’s designated opportunity zones, makes it an ideal acquisition for KS Group, which focuses on identifying opportunities with improvement potential in high-demand areas.”
Located at 260 Broadway near the intersection of 3rd Avenue, 260 Broadway is just minutes from downtown and the Central Business District. The property offers commuters easy access to Interstate 280 and Routes 21 and 3, as well as the value-added amenity of gated on-site parking. Public transportation options include New Jersey Transit buses, which stop directly in front of the building, as well as train and bus service to New York City.