An iconic building in downtown Summit that was the longtime home to Bank of America is now listed for lease, and Pierson Commercial Real Estate has been appointed by Saxum Real Estate Partners as the exclusive retail leasing firm for the property at 367 Springfield Ave.
“The subject site is situated at the primary intersection of Springfield Avenue and Beechwood Road, and this is the first time in decades that 367 Springfield Ave. is becoming available,” Pierson Commercial Director Neil Ruppert said. “This is a rare opportunity to reposition and breathe new life into an iconic building in downtown Summit.”
The building features approximately 6,500 square feet on the ground floor, 3,000 square feet on the second floor and 1,700 square feet on the third floor, in addition to a full basement.
“Together with the Pierson team, we’re seeking either single-tenant or mixed-use/multitenant building configurations. We are excited to reposition this iconic asset and bring tenants that will add to one of New Jersey’s most desirable downtowns. The building offers flexibility in how it ultimately leases between retail and office users, and we are excited to engage with top tenants seeking a cornerstone position in Summit,” Saxum Principal Matt Wassel said.
According to Ruppert, the retail space offers approximately 55 feet and 120 feet of frontage along Springfield Avenue and Beechwood Road, respectively.
“Summit’s roughly 2.8 million square feet of office space alone draws a strong daytime consumer base to downtown that is augmented by ease of access to Route 24, the Garden State Parkway and Interstates 78, 95 and 280,” Ruppert said.
Downtown Summit’s retail landscape includes Lululemon, Ani Ramen, Serena & Lilly, Roots Steakhouse, Starbucks Coffee, West Elm, Gregory’s Coffee, the Shade Store and Blue Mercury. In addition to 367 Springfield Ave., all are part of the award-winning Summit Downtown, an Accredited Main Street America district committed to strengthening communities through preservation-based economic development in older and historic downtowns and neighborhood commercial areas.
Ruppert noted there is already a high level of interest among prospective tenants, some of whom have been seeking entry into the market for years. Potential uses for the retail component include home furnishings, financial institutions, apparel, beauty supply, boutique-fitness, fast-casual and full-service restaurants and medical users.
Situated only 15 miles from Manhattan, Summit has attracted former New York City dwellers in recent years due to its outstanding award-winning public school district, commuting ease via a vast network of highways, bus and rail connection options and lifestyle amenities. In addition to shopping and dining within Summit Downtown, the Mall at Short Hills and a full complement of recreational and cultural venues are nearby.
