Marcus & Millichap helps negotiate sale of retail property in Westfield for $4.7M 

A single-tenant property in Westfield recently sold for $4.7 million, according to a Monday announcement from Marcus & Millichap, which brokered the transaction.

Located at 207 E. Broad St., the asset is situated one block from the Westfield train station. The Gap, a two-story retail property spanning 35,968 square feet, has been at this location for nearly 30 years. Nearby national retailers include Trader Joe’s, Five Guys, Starbucks and Walgreens.

Alan Cafiero, David Cafiero and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, a local LLC.

“Investment properties located in transit-oriented downtowns always have significant interest from the investment community,” Alan Cafiero, senior managing director, investments, said. “This deal was no different, as this asset was located just two blocks from the Westfield train station. In addition, Westfield is one of the most sought-after downtowns in all of New Jersey.”