4A — September 27 - October 10, 2019 — M id A tlantic
Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal Saxum/Becker JV buys 42,000 s/f building from The Silverman Group Cushman & Wakefield arranges sale of boutique office building in Summit, NJ
UMMIT, NJ — A joint venture of Saxum Real Estate and The Becker Organization purchased a boutique office building in Summit from The Silverman Group , announced Cushman &Wakefield . The commercial real estate services firm’s New Jersey capital markets group orchestrated the trade of a fully leased, 42,000 s/f office building located at 180 River Rd. “The Si lverman Group has done an excellent job in bringing this property to full- occupancy over the course of its ownersh p period and S
continues to spin off certain assets as it expands its na- tional portfolio of industrial, residential and office proper- ties. This repeat joint venture partnership of Saxum and Becker maintains a focus on transit-oriented investments in select markets, and 180 River Rd. is well-aligned with that investment strategy,” said Cushman & Wakefield’s Gary Gabriel , who repre- sented the seller and procured the buyer with teammembers Frank DiTommaso, David Bernhaut, Andy Merin and BrianWhitmer . According to DiTommaso, “Both Saxumand
The Becker Organization saw the value in this opportunity and stepped up quickly to take the property off the market. Saxum has been particularly active in Summit and is also headquartered downtown.” Home to three long-time tenants, 180 River Rd. sits with excellent visibility on two acres along River Rd., immediately off Rte. 24 and JFK Parkway. It is less than five minutes from downtown Summit, an affluent, walkable village lined with shops and dining, and offering 35-minute direct rail service to New York Penn Station. The property is located less than one mile from the Mall at Short Hills, the Hilton Short Hills and Equinox Fitness, providing a wealth of built-in local ame- nities. According to DiTommaso, 180 River Rd. is unique in its size, as just one of five stand-alone office buildings in Summit greater than 40,000 s/f. “Summit is one of New Jersey’s most fundamentally sound and highest barrier-to- entry submarkets, with lim- ited opportunities to service tenants greater than 10,000 s/f,” he said. “Competitive properties maintain a 95% average occupancy rate and achieve some of the highest rental rates in suburban New Jersey.” Sheldon Gross Realty Inc. hires newcorporate sales representative WEST ORANGE, NJ — Freehold resident Jonathan Minardi recently joined Shel- don Gross Realty Inc. as a corporate sales representative. His new role will enable him to focus exclusively on commercial real estate sales. Minardi previously worked for Neuhaus Realty as a sales associate, and was primarily engaged in residential prop- erty sales. “I’m really interested in commercial and corporate real estate, and my new position with Sheldon Gross Realty provides me the opportunity to move in that direction,” Minardi explains. “I was first introduced to real estate sales by my mother, who is also a sales agent. I’m looking forward to following in her footsteps – specifically in com- mercial sales.”
80 River Rd.
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