HFF announces sale of two-building portfolio in Summit, New Jersey
FLORHAM PARK, NJ – August 21, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a two-building, mixed-use portfolio comprising a fully-leased retail building and an adjacent office building with redevelopment potential located in the affluent northern New Jersey community of Summit, New Jersey.
The HFF team executed an off-market transaction between the seller, Gramercy Property Trust, and the buyer, Saxum Real Estate.
Built in 1926, the historic bank building at 367 Springfield Avenue is fully leased to Bank of America. The adjacent two-story office building located at 40 Beechwood Road is connected via a skybridge and features 31 private, on-site parking spots. Saxum Real Estate is marketing 40 Beechwood Road for lease and will be completing a significant capital improvement program, repositioning the building into a Class A suburban asset. The buildings are located in downtown Summit, just two blocks from the Summit NJ train station, which provides direct access to Manhattan in less than 40 minutes. A true live-work-play community, downtown Summit features more than 200 unique boutiques, restaurant and services.
The HFF investment sales team representing the seller comprised director Marc Duval and senior managing director Jose Cruz.
“There is still opportunity to capitalize on suburban markets that are poised to experience densification as millennials move out of Manhattan and the Hoboken/Jersey City Waterfront over the next five to seven years,” Duval said.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The company specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe. Learn more at gptreit.com.
About Saxum Real Estate
Saxum Real Estate is a vertically-integrated, privately-held real estate investment and development company that serves as owner, operator and developer of all assets in its portfolio. Saxum has built a best-in-class investment management firm rooted in its entrepreneurial and creative spirit. Saxum maximizes returns by providing in-house due diligence, legal, property management, construction management, leasing, asset management and capital markets services through its vertically-integrated platform that maximizes its unique talents and resources to create innovative real estate investment strategies. For more information, visit saxumre.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.