A locally based developer has purchased a 9,000-square-foot office building in Newark, according to a brokerage team with Lee & Associates New Jersey.

The buyer, KS Group, paid an undisclosed sum for the two-story property at 260 Broadway. Brokers noted that the building is minutes from the downtown and several nearby highways, while touting its investment potential due to its location within a federal Opportunity Zone.

Lee & Associates assistant vice presidents Jerry Joseph and Tarang Ramani, along with Associate Kyle Janoczkin, represented 260 Broadway LLC in the sale. Han Save of Group Twenty Six LLC represented the buyer.

“Investors remain bullish on commercial redevelopment in the city of Newark,” Joseph said. “This property’s prime location on Broadway, in one of the city’s designated Opportunity Zones, makes it an ideal acquisition for KS Group, which focuses on identifying opportunities with improvement potential in high-demand areas.”

Located near the intersection of 3rd Avenue, the property is about three blocks west of Route 21, providing tenants with easy access to Interstate 280 and Route 3. It also has gated on-site parking and nearby public transportation options, including an NJ Transit bus stop directly in front of the building.