Reynolds Asset Management announced the sale of a newly constructed five-story elevator building in Somerset County for $22 million, according to a Wednesday announcement.
Named Mosaic on Main, the mixed-use building with both residential units and commercial retail space in Bound Brook was sold to a longtime New Jersey property owner via a 1031 exchange.
“We put our heart and soul into every project, so, when it came time to part with Mosaic on Main, we wanted to ensure that the new owner would do the same,” Lou Reynolds, founder and CEO of Reynolds, stated. “Thankfully, we found someone with a stake in the community and a desire to participate in the growing housing opportunities in Bound Brook.”
Conveniently located just steps away from the Raritan Valley train line, restaurants and shopping, the building houses 63 residential units, a combination of studios, one-bedroom and two-bedroom apartments, and one 1,650-square-foot retail space. The property boasts energy efficient appliances, an on-site fitness center and granite countertops, among other amenities and features.
“Similar to Jersey City and Harrison, Bound Brook is a community where everything old is becoming new again,” Joni Sweetwood, executive vice president of the Kislak Co. Inc., said. Kislak is responsible for brokering the sale on behalf of Reynolds. “What makes Mosaic on Main different are the special artistic touches throughout the property brought to life by the Reynolds team, such as the original mosaic, personally commissioned by Lou, in the building’s lobby.”