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Marcus & Millichap Closes Sale of Downtown Westfield Mixed-Use

Marcus & Millichap arranged the sale of 251 North Ave. W., a mixed-use property in Westfield, NJ, for $5,260,000. Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the private buyer.

“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 property is a three-story, 17,831-square-foot building on a 0.18-acre lot with direct access to municipal commuter parking. It has nine suites and was renovated in 2014. The rent roll features a diverse mix of service-oriented tenants, including Columbia Bank, Edward Jones, the State of New Jersey, BAYADA Home Health Care and Rooster Spin.

Read More News Stories About: Marcus & Millichap
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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