Press Releases
Marcus & Millichap Brokers $5.3M Sale of Mixed-Use Property in Westfield, New Jersey
August 13, 2026
WESTFIELD, N.J., Aug. 13, 2026 – 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 251 North Ave. W., a mixed-use property in Westfield, New Jersey for $5.3 million.
“Downtown Westfield continues to be one of the most desirable mixed-use investment markets in New Jersey,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “The combination of a premier downtown location, immediate proximity to the train station and a strong, diverse tenant roster generated significant investor interest in this asset.”
Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer.
“We continue to see investors place a premium on irreplaceable downtown locations like Westfield, where strong demographics, walkability, mass transit and limited investment inventory create long-term value,” Cafiero added. “Assets of this quality in downtown Westfield rarely become available, which made this a unique opportunity for the buyer.”
The property is a three-story, 17,831-square-foot building on a 0.18-acre lot with direct access to municipal commuter parking. It has nine suites and was renovated in 2014. The rent roll features a diverse mix of service-oriented tenants. Major tenants include Columbia Bank, Edward Jones, the State of New Jersey, BAYADA Home Health Care and Rooster Spin.
The property is adjacent to the Westfield Train Station and the One Westfield Place redevelopment site. It fronts North Avenue West, Westfield’s Primary east–west Corridor, and is surrounded by retailers, restaurants, offices and residential communities.
“Downtown Westfield continues to be one of the most desirable mixed-use investment markets in New Jersey,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “The combination of a premier downtown location, immediate proximity to the train station and a strong, diverse tenant roster generated significant investor interest in this asset.”
Alan Cafiero, David Cafiero and Damien Rance of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer.
“We continue to see investors place a premium on irreplaceable downtown locations like Westfield, where strong demographics, walkability, mass transit and limited investment inventory create long-term value,” Cafiero added. “Assets of this quality in downtown Westfield rarely become available, which made this a unique opportunity for the buyer.”
The property is a three-story, 17,831-square-foot building on a 0.18-acre lot with direct access to municipal commuter parking. It has nine suites and was renovated in 2014. The rent roll features a diverse mix of service-oriented tenants. Major tenants include Columbia Bank, Edward Jones, the State of New Jersey, BAYADA Home Health Care and Rooster Spin.
The property is adjacent to the Westfield Train Station and the One Westfield Place redevelopment site. It fronts North Avenue West, Westfield’s Primary east–west Corridor, and is surrounded by retailers, restaurants, offices and residential communities.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
