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Marcus & Millichap arranges $4.7M sale of Westfield retail property

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    Commercial real estate investment firm Marcus & Millichap announced Wednesday that it has sold a 10,563-square-foot retail property in Westfield, said Brian C. Hosey, regional manager of the firm's New Jersey office.

    The property, located at 240-244 North Ave., sold for $4.7 million.

    David E. Thurston, vice president of investments at the firm’s N.J. office, listed the property on behalf of the seller, a limited liability company.  He also represented the buyer.

    “This well-located and nicely redeveloped property will provide long-term stability for the buyer,” Thurston said. “The property is an attractive entre into the well-established and very upscale town of Westfield. Westfield ranks among the best managed downtowns in North Jersey and provides both its residents as well as visitors wonderful shopping and dining in an attractive and constantly upgrading downtown area. Just as the seller managed a very attractive redevelopment of the project, so, too, will the buyer continue on in the managing of this pride-of-ownership property of which Westfield can be proud.”

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    Emily Bader

    Emily Bader

    Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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