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WESTFIELD, NJ-The three-story, 23,490-sf office/retail building at 241 North Avenue West here has been sold by local businessman James Johnson to an investment group, which was not identified. The sale price was also not disclosed.
The seller was represented by Stan Kurzweil, SVP in the Somerset, NJ office of Colliers Houston & Co., and George P. Molloy, president of the Hillsborough, NJ-based GM Realty Advisors. The buyer was repped by locally based Relocation Realty.
The headquarters facility of an insurance firm for many years, the asset has ground floor retail space and offices on the top two floors, according to Kurzweil. Renovations were recently completed on the building, and the new owner is targeting such professional/office uses as finance, real estate, insurance and law firms to fill the space.
"It's a very attractive building in the heart of the central business district next to Talbot's, and close to the Westfield train station," Kurzweil says. Corporate neighbors include Morgan Stanley, Merrill Lynch, Verizon, Fleet Bank, PNC Bank, Elizabethtown Water and UBS PaineWebber.
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