Cushman & Wakefield arranges $2.85M sale of fully leased mixed-use property in Summit

Cushman & Wakefield on Tuesday said it arranged the sale of 351-353 Springfield Ave., a mixed-use property in Summit. The final sale price was $2.85 million.

Cushman & Wakefield’s Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller and procured the buyer.

“351-353 Springfield Ave. is situated along the highly coveted Springfield Avenue retail corridor in Summit, New Jersey, which boasts unparalleled demographics, numerous shops and restaurants and walking proximity to Summit’s New Jersey Transit Train Station,” Schwartz said. “Summit is the premier walkable downtown location in New Jersey’s Wealth Belt, with Springfield Avenue being the epicenter of local commerce. Springfield Avenue has 0% retail vacancy, and this deep infill location has high barriers to entry, which limits short- and long-term risk exposure.”

351-353 Springfield Ave. is a mixed-use property consisting of retail and residential components. Situated in the heart of Summit, the property includes two storefronts that are leased to Summit Ski & Snow and Scotti’s Record Shop. The building also includes three leased apartment units located on the second floor.

The property includes a three-car garage in the rear and features 40 feet of frontage on Springfield Avenue, which is viewed by more than 15,000 daily vehicles that pass the property on average.

351-353 Springfield Ave. is situated less than a quarter-mile from the Summit Train Station.