A mixed-use property with 15 residential units and four retail spaces in Millburn was purchased for $4,000,000 by Walton Millburn LLC, according to a Wednesday announcement from Woodbridge-based The Kislak Co.
Kislak arranged the off-market sale with managing director Jeff Squires handling the assignment on behalf of the seller P&D Partners, L.P. and he also procured the purchaser.
“Multifamily properties in premier locations such as the Short Hills area rarely come on the market,” Squires said.
The property had been owned by the same family for over 50 years spanning two generations.
“The sales price of $200,000 per unit demonstrates investors’ appetite for well-positioned assets,” Squires added.
Built in 1927, the three-story brick building has 15 large, residential units on the top floors with 4 high-end retailers on the ground level. The residential units consist of 11 one-bedroom/one bath and four two-bedroom/one bath apartments. Kept in pristine condition by a local family office, the 12,871-square-foot building has undergone significant renovations over the years with new kitchen cabinets and appliances, as well as updated bathroom tiles and fixtures.
At the time of closing, the building was fully occupied.
Located at 357 Millburn Ave., just minutes from Routes 24 and 78, the building is situated in the middle of the downtown shopping center, near two arboretums and also nearby high-end retail shopping at the Mall at Short Hills.
Falk, Flotteron and Davidson, LLP provided legal representation for the buyer and Lasser Hochman, LLC was the seller’s attorney. Jared Sobel of Walker & Dunlop originated agency financing.
