A 42,000-square-foot boutique office building in Summit has recently sold to a joint venture between Summit-based Saxum Real Estate and Montclair-based The Becker Organization, Cushman & Wakefield announced on Wednesday.
The East Rutherford-based commercial real estate services firm’s New Jersey capital markets team was in charge of the transaction at 180 River Road, it said.
“The Silverman Group has done an excellent job in bringing this property to full-occupancy over the course of its ownership period and continues to spin off certain assets as it expands its national portfolio of industrial, residential and office properties. This repeat joint venture partnership of Saxum and Becker maintains a focus on transit-oriented investments in select markets, and 180 River Road is well-aligned with that investment strategy,” Gary Gabriel of C&W said. “Both Saxum and The Becker Organization saw the value in this opportunity and stepped up quickly to take the property off the market. Saxum has been particularly active in Summit and is also headquartered downtown.”
Gabriel, along with Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer, all of C&W, represented the seller, The Silverman Group, and procured the buyers.
According to DiTommaso, the property is unique due to being just one of five standalone office buildings in Summit greater than 40,000 square feet.
“Summit is one of New Jersey’s most fundamentally sound and highest barrier-to-entry submarkets, with limited opportunities to service tenants greater than 10,000 square feet,” he said. “Competitive properties maintain a 95% average occupancy rate and achieve some of the highest rental rates in suburban New Jersey.”
The two-story building, which is situated on two acres and located immediately off Route 24 and JFK Parkway, was built in 2001 and is home to three long-term tenants.
Financial terms were not disclosed.