Montclair office property sold, Saxum says

A boutique office building in Montclair has sold, according to Saxum Real Estate, which co-owned the property for approximately 30 months.

The firm said in a news release that 66 Park St., a 15,500-square-foot property it co-owned in a joint venture with the Becker Organization, was acquired in November 2018. The firms acquired the building at 50% occupancy and completed more than 8,000 square feet of leases before the disposition this month.

“We are excited by the sale of 66 Park, as it demonstrates our original investment thesis of acquiring and delivering high-quality assets in New Jersey’s most dynamic transit-oriented downtowns,” Anthony Rinaldi, Saxum founder and managing principal, said in a prepared statement. “Towns like Montclair provide unique investment opportunities where Saxum can leverage its vertically integrated investment platform to deliver best-in-class product to the market and achieve attractive returns for our investors.”

The sale was brokered by Marcus & Millichap’s Alan Cafiero, senior vice president. Neither the buyer nor financial terms were disclosed.