Property In Downtown Newark Sells For $9 Million

NEWARK, NJ — A retail property on Broad Street in Newark with “redevelopment potential” has sold for $9 million.

On Tuesday, JLL Capital Markets said that it has closed the $9 million sale of 727 Broad Street, a 62,275-square-foot retail property in downtown Newark.

The buyer and seller weren’t disclosed in a news release announcing the sale.

According to JLL:

“Situated on 0.61 acres, 727 Broad St. is housed on a full city block in the heart of Newark’s transforming CBD and 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 NJ Transit service to Manhattan in under 20 minutes. Additionally, 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, Seton Hall Law, New Jersey’s Science and Technology University and Essex County College.”

“Opportunity Zone capital is still looking for quality redevelopment sites,” JLL managing director Michael Oliver said. “The buyer is making a substantial investment in the future growth of Downtown Newark.”

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