A 6,000-square-foot retail property located at 184 Elm Street in the heart of downtown Westfield changed hands for $3,700,000. The building is already approved for redevelopment into a mixed-use property featuring both retail and residential units.
Woodbridge-based the Kislak Company, Inc. brokered the deal for the Westfield property on an exclusive basis. Senior Vice President Tom Scatuorchio and Managing Director Matt Weilheimer worked on behalf of the seller, Bronx Realty LLC. The Kislak team also found the buyer, 184 Elm Street LLC.
The property consists of a single-story, 6,000-square-foot retail building with an additional 6,000 square feet of rentable basement office space and on-site parking. The site is fully approved for the construction of two additional stories containing ten market-rate apartments, while retaining the existing retail space. Current tenants include Haven Savings Bank and Station Athletics @ Westfield. The buyer plans to construct the approved apartments above the existing structure.
“The deal presented many challenges due to the nuanced approvals and building design, which included a need to preserve the property for existing tenants. As advisors for both clients, we were able to navigate through the obstacles to a successful closing,” commented Kislak’s Scatuorchio. “Given the excellent location and walking distance to the train station in downtown Westfield, there was tremendous interest in the site. Our buyers recognized this unique opportunity to develop a property in one of New Jersey’s premier downtowns.”
184 Elm Street is located right across from Trader Joe’s and is within walking distance of restaurants, retail, nightlife, and the Westfield train station. The Union County location is ideal for residents who need easy access to New York City, but also desire a thriving, convenient downtown.
