Josh Goldflam, co-founder & principal of Highcap Group, has arranged the sale of 260 North Avenue East, Westfield, New Jersey, for $19,225,000.
The seller was ACNY Development, and the buyer was The Adoni Group, a private family office with commercial holdings in New York and New jersey.
The property is situated on nearly two acres in downtown Westfield, directly across from the historic Westfield Diner. Westfield New Jersey has become one of the most affluent New Jersey suburbs in northern New Jersey with its close proximity to Manhattan and large multi-million dollar estates, and a vibrant downtown shopping district.
The two acres is comprised of two retail buildings consisting of 31,250 s/f and a large parking lot. One building is entirely occupied by a Walgreens Pharmacy which anchors the shopping center on a long term lease.
The other building contains five retail stores including national chains Super Cuts, Fro-Yo, and Barre3. The property is a net leased center that was fully occupied at the time of sale.
The original asking price of $20,500,000 was reduced multiple times during the COVID pandemic despite all tenants continuing to pay rent. The sales price of the property equates to a 5.6% Capitalization Rate and $615 per square foot.
Goldflam noted: “This property was a prime candidate for a 1031 tax free exchange buyer looking for a trophy retail center in an excellent high-barrier to entry location with excellent traffic and demographics. Additionally this was a very stable property with excellent credit tenancy that provided annual rent increases not typically seen in most net leased retail properties.”
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