JLL Capital Markets closed the $9 million sale of 727 Broad St., a 62,275-square-foot retail property with redevelopment potential in downtown Newark.
JLL, which announced the deal on Aug. 17, represented the undisclosed seller and buyer on the transaction.
Situated on 0.61 acres, 727 Broad St. is housed on a full city block within a qualified opportunity zone. The infill property is across the street from Military Park and three blocks from Newark Penn Station, which provides both PATH and New Jersey Transit service to Manhattan in under 20 minutes.
The site is surrounded by large employers and demand drivers, including the Prudential Center, New Jersey Performing Arts Center and a “meds and eds” cluster with Rutgers University, Seton Hall Law, New Jersey Institute of Technology and Essex County College.
The JLL Capital Markets team representing the sellers was led by Managing Director Michael Oliver, Senior Vice President Marta Villa, Senior Managing Directors Jose Cruz and Kevin O’Hearn, and Managing Director Steve Simonelli.
“Opportunity zone capital is still looking for quality redevelopment sites,” Oliver said. “The buyer is making a substantial investment in the future growth of Downtown Newark.”