In Westfield, New Jersey, located 2 blocks from a train station and just 16 miles southwest from the heart of Manhattan, sits a prime two-story retail property, fully leased to the Gap.
Its accessible location in a high-income town with a well-established tenant made this a highly desirable opportunity for potential investors. For the broker and the seller, the priority was to enhance efficiency and ensure certainty in the transaction, which is why they brought Ten-X into the equation.
This transaction was brokered by Alan Cafiero, a Senior Managing Director with 17 years’ tenure at Marcus & Millichap. Cafiero is very familiar with Ten-X auctions, having transacted over 30 deals on the Ten-X platform. “The process helps ensure the sale achieves the best price for the property. For the right property, we always use Ten-X.”
Cafiero collaborated with Ten-X Senior Director Evan Koransky to list this property on Ten-X. Though the property was ideally situated in a desirable location for investors, Cafiero and his team sought to widen the property’s market exposure and bring in “under the radar” investors not in the immediate area.
After receiving 17 bids on auction day, this property sold and closed for $4,817,500 in 106 days.
Looking to read more about recent retail deals?
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