 |
| Marta Villa |
MORRISTOWN, NJ, Aug. 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.
 |
| Michael Oliver |
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.
 |
| Jose Cruz |
“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.
 |
| Kevin O’Hearn |
The firm has more than 3,000 Capital Markets
specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on
JLL, please visit our newsroom.
About JLL
JLL (NYSE: JLL) is a leading professional
services firm that specializes in real estate and investment management.
 |
| Steve Simonelli |
JLL is a Fortune 500 company with annual
revenue of $16.6 billion, operations in over 80 countries and a global
workforce of more than 91,000 as of March 31, 2021.
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
CONTACT:
Kimberly Steele
JLL
Manager
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
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