The commercial real estate market in New Jersey’s top downtowns continues to see robust activity, with the recent sale of a prime mixed-use property in Westfield. Marcus & Millichap announced today the successful sale of a 10,369-square-foot, fully occupied building at 1 Elm Street for $5 million.
The transaction was facilitated by Alan Cafiero, senior managing director Investments, and David Cafiero, senior director Investments, from Marcus & Millichap’s New Jersey office. They represented the seller in the deal.
According to Alan Cafiero, the property’s key attributes made it a highly desirable investment. “Investment in transit-oriented assets in premier New Jersey downtowns remains robust,” he said. “The combination of a trophy location adjacent to a train station and predictable cash flow made this a highly sought-after opportunity.”
The two-story property, originally constructed in 1922 and extensively renovated in 2018, is strategically located directly across from the Westfield Train Station. This ideal location provides tenants and their clients with excellent access to public transportation. The property is also positioned near One Westfield Place, a major mixed-use development currently under construction, which is expected to further enhance the area’s economic vitality.
The building is home to several professional tenants, including Keller Williams Premier Properties, McLaughlin & Stern Law Firm, and Arnhem Inc.
The property’s location offers more than just transit access. It is situated just 1.7 miles from U.S. Route 22 and 3.2 miles from the Garden State Parkway, providing convenient vehicular access. The surrounding community boasts strong demographics, with a population of over 350,000 residents within a five-mile radius. The average household income within a one-mile radius is over $227,000, underscoring the affluence of the local market.
The sale of 1 Elm Street is the latest example of a continuing trend in which investors are targeting well-located, high-quality assets in New Jersey’s suburban downtowns, driven by strong fundamentals and reliable tenant demand.
