Marcus & Millichap Inc.
09/24/2025 | Press release | Archived content
Marcus & Millichap Brokers $5 Million Sale of Office Property in Downtown Westfield
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Marcus & Millichap Brokers $5 Million Sale of Office Property in Downtown Westfield
September 24, 2025
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WESTFIELD, N.J., Sept. 24, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a fully occupied, 10,369-square-foot office property at 1 Elm Street in Westfield, New Jersey. The asset sold for $5 million.
"Investment in transit-oriented assets in premier New Jersey downtowns remains robust," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "The combination of a trophy location adjacent to a train station and predictable cash flow made this a highly sought-after opportunity." Alan Cafiero and David Cafiero, senior director investments, represented the seller.
Built in 1922 and renovated in 2018, the two-story property is positioned directly across from the Westfield Train Station and One Westfield Place, a large-scale mixed-use development under construction. Tenants include Keller Williams Premier Properties, McLaughlin & Stern Law Firm, and Arnhem Inc.
The property is 1.7 miles from U.S. Route 22 and 3.2 miles from the Garden State Parkway. The surrounding area supports more than 350,000 residents within five miles, with an average household income exceeding $227,000 within one mile.
"Investment in transit-oriented assets in premier New Jersey downtowns remains robust," said Alan Cafiero, senior managing director investments in Marcus & Millichap's New Jersey office. "The combination of a trophy location adjacent to a train station and predictable cash flow made this a highly sought-after opportunity." Alan Cafiero and David Cafiero, senior director investments, represented the seller.
Built in 1922 and renovated in 2018, the two-story property is positioned directly across from the Westfield Train Station and One Westfield Place, a large-scale mixed-use development under construction. Tenants include Keller Williams Premier Properties, McLaughlin & Stern Law Firm, and Arnhem Inc.
The property is 1.7 miles from U.S. Route 22 and 3.2 miles from the Garden State Parkway. The surrounding area supports more than 350,000 residents within five miles, with an average household income exceeding $227,000 within one mile.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on September 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 26, 2025 at 19:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]