A staple in Westfield, The Gap has occupied a downtown space for 30 years. Now, the retail property is welcoming new ownership.
Marcus & Millichap announced the sale of the single-tenant property at 207 E. Broad St. on Feb. 12. According to the real estate brokerage firm, the site sold for $4.7 million.
The transaction underscores the attractive nature of transit-oriented downtowns across asset classes.
Investment specialists from Marcus & Millichap’s New Jersey office, Senior Managing Director for Investments Alan Cafiero, First Vice President David Cafiero and Associate Dean Matuszewicz, had the exclusive listing to market the property on behalf of the unnamed seller. The team also procured the buyer, a local limited liability corporation.
“Investment properties located in transit-oriented downtowns always have significant interest from the investment community,” commented Alan Cafiero, adding that this deal was no different, situated just two blocks from the Westfield train station.
“In addition,” he added, “Westfield is one of the most sought-after downtowns in all of New Jersey.”
The city added five new retail options.
And that star power extends beyond the borders of the Garden State. Over the summer, Country Living magazine named the downtown one of the “sweetest” in the state “Worthy of a Hallmark Movie.” Also, Westfield is one of three New Jersey locales to take home the prestigious national Great American Main Street Award. Winning in 2004, Montclair followed suit in 2015 and Metuchen in 2023.
The Gap, too, is banking on some star power. Recently, the brand announced fashion designer Zak Posen as creative director. According to Placer.ai, trips to The Gap in Westfield were trending upward in January, with more than 3,000 reported by the software and data company.
The Gap recently extended its lease at the property, Marcus & Millichap said. The new agreement expires Jan. 31, 2028.