Downtown Newark redevelopment opportunity sells

MORRISTOWN, N.J, August 17, 2021 – JLL Capital Markets announced today that it has closed the $9 million sale of 727 Broad St., a 62,275-square-foot retail property with redevelopment potential in downtown Newark, New Jersey.

JLL represented the undisclosed seller and buyer on the transaction.

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.

The JLL Capital Markets team representing the sellers was led by Managing Director Michael Oliver, Senior Vice President Marta Villa, Senior Managing Directors Jose Cruz and Kevin O’Hearn, and Managing Director Steve Simonelli.

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

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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