Marcus & Millichap has completed the sale of a mixed-use property at 251 North Ave. W. in Westfield, NJ, at a price of $5,260,000. The three-story asset is located in Downtown Westfield and was marketed as a core mixed-use investment opportunity within one of New Jersey’s most sought-after downtown environments.
Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap were the exclusive listing agents on the assignment. The team marketed the property on behalf of the seller and also secured the private buyer, bringing the transaction from launch through closing. The buyer was not disclosed, but is described as a private investor.
According to Marcus & Millichap, Downtown Westfield continues to stand out as one of New Jersey’s most desirable mixed-use investment markets. Senior managing director investments Alan Cafiero, based in the firm’s New Jersey office, cited the property’s premier downtown address, its immediate proximity to the train station and its diverse tenant mix as key drivers of investor interest during the marketing process.
The building totals 17,831 square feet across three stories and is situated on a 0.18-acre parcel with direct access to municipal commuter parking. This combination of on-site access to public parking and adjacency to rail service positions the property as a transit-accessible option for both tenants and visitors.
The property is configured into nine suites and underwent a renovation in 2014, updating the mixed-use space to contemporary standards. The current rent roll includes a range of service-oriented tenants, underscoring the property’s diversified income profile.
Notable tenants in the building include Columbia Bank, Edward Jones, the State of New Jersey, BAYADA Home Health Care and Rooster Spin. This mix spans financial services, government, healthcare and food and beverage uses, reflecting the building’s role as a multi-tenant hub within the downtown corridor.
With its renovated condition, established tenant roster and central Downtown Westfield location near the train station and municipal commuter parking, the property offers a stabilized income stream in a walkable environment. The closed transaction highlights ongoing investor engagement with well-located, mixed-use buildings in New Jersey’s established downtown submarkets.
