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Lee & Associates brokers redevelopment zone sale in Newark
Jessica Perry//October 7, 2022//
Local developer KS Group purchased a two-story office building in Newark.
Lee & Associates said Oct. 6 it arranged the sale of 260 Broadway, a 9,000-square-foot office building, with Assistant Vice President Jerry Joseph, Assistant Vice President Tarang Ramani and Associate Kyle Janoczkin representing the seller, 260 Broadway LLC, in the transaction.
The buyer was represented by Han Save of Group Twenty Six LLC. Financial terms were not disclosed.
“Investors remain bullish on commercial redevelopment in the City of Newark,” Joseph said in a statement. “This property’s prime location on Broadway, in one of the city’s designated opportunity zones, makes it an ideal acquisition for KS Group, which focuses on identifying opportunities with improvement potential in high-demand areas.”
The building is just minutes from the city’s Central Business District with easy access to Interstate 280 and Routes 21 and 3 and features gated on-site parking. Public transportation options include an NJ Transit bus stop directly in front of the building, in addition to rail and bus service to Manhattan.
