NAI James E. Hanson, a New Jersey-based commercial real estate firm based, announced Tuesday it has negotiated the sale of a mixed-use office/retail building in Montclair.
Michael Walters and Fernando Garip of NAI Hanson represented the seller, an undisclosed party, in the deal.
The 3,469-square-foot building is comprised of two stories and is located at 555 Bloomfield Ave. A T-Mobile franchisee currently leases the entire first floor of the property, NAI Hanson said.
“Downtown Montclair is a vibrant market with Bloomfield Avenue serving as a strong commercial corridor that attracts residents and businesses alike,” said Walters. “With a number of new residential developments under way, we recognized that 555 Bloomfield Avenue’s prime location and adaptability for retail, office or residential would be attractive qualities for buyers looking for investment opportunities in such a hot market, which allowed us to secure a qualified buyer on behalf of our client.”
Financial terms were not disclosed.