Saxum Real Estate on Tuesday announced it sold an 8,568-square-foot office building in the epicenter of Montclair for $4.4 million to a private investor.
The sale was brokered by Alan Cafiero of Marcus & Millichap, who led the sale process.
Located at 483 Bloomfield Ave., the iconic building, formerly a wealth management branch for the adjacent bank, was originally built in 1922. It was acquired by Saxum in 2018, along with 475 Bloomfield Ave., and the Summit-based real estate firm immediately carried out an extensive multimillion-dollar repositioning of the assets.
With the building perfectly positioned to accommodate a full-building user, Saxum was targeted in its marketing approach in order to secure the right tenant. Sitetracker, a Montclair-based software company, was experiencing growth, and expressed interest in the entire building, which left Saxum to structure a creative solution for expansion. Sitetracker leased all of 483 Bloomfield on a long-term basis.
“The repositioning of 483 Bloomfield required ingenuity and execution from each of Saxum’s verticals, and emerges as a completely unique asset in Montclair. Sitetracker’s interest and emergence as the proper fit for the building, while exciting, also presented
challenges, but Saxum was able to utilize its platform and relationships throughout Montclair to create a path to execution,” Matt Wassel, a principal at Saxum, stated.
Upon completion, 483 Bloomfield emerged as a unique asset, meticulously combining the historic, irreplaceable components of the building with Sitetracker’s modern, open-office concept.
“The 1031 investor pool has historically always eyed limited landlord responsibility net leases with strong credit as their most desired asset class,” Alan Cafiero, senior managing director, investments, at Marcus & Millichap, said. “483 Bloomfield Ave. was no
different. Not only did this property have a long-term net lease with a credit tenant, but it was ideally located in the heart of one of New Jersey’s most sought-after downtowns.”
