Palestra Real Estate Partners Acquires Commercial Property On Broad St, Newark

The corner retail property located at 262 Broad St in Newark, NJ, 07104, has been sold for $1.3 million. The 11,726-square-foot property is set to be transformed into a DaVita Dialysis Center, replacing the former La Furniture business that occupied the single-story building.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $1.3 million
• Market: Newark
• Seller: Weiss Realty
• Seller's Rep: Matthew Weiss (Weiss Realty Co. Inc.)
• Buyer: Palestra Real Estate Partners

The sale was facilitated by Matthew Weiss from Weiss Realty representing the seller, an investor group managed by Jaime Weiss. On the buyer's side, Ryan Starkman of Pierson Commercial worked with Palestra Real Estate Partners to acquire the property. Matthew Weiss, the vice president of Weiss Realty, highlighted the ongoing investor interest in both commercial and residential properties in Newark, showcasing the vibrant real estate market in the area.