JLL Capital Markets arranges $9 million sale of 727 Broad Street in Downtown Newark, NJ

  

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

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.

 Jose Cruz 

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.

 Kevin O’Hearn

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.

 

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 shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

 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

  jll.com.