HFF closes sale of retail building in downtown New Brunswick, New Jersey
FLORHAM PARK, NJ – February 16, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of an 18,000-square-foot vacant retail building located at 37 Easton Avenue in downtown New Brunswick, New Jersey.
HFF marketed the property on behalf of the seller. Saxum Real Estate purchased the asset with seller financing.
Completed in 2009, the vacant two-story building can be reconfigured to multi-tenant retail, office or residential space. The property is in the heart of downtown New Brunswick and flanked by Rutgers University to its north; healthcare facilities, including Robert Wood Johnson Hospital, to the west; New Brunswick Station, one of New Jersey’s major train stations, to the east; and new residential development to the south.
The HFF investment sales team that represented the seller was led by associate director Marc Duval, senior managing director Jose Cruz, managing director Kevin O’Hearn and directors Michael Oliver and Stephen Simonelli.
“There continues to be an active pool of investors chasing assets in suburban downtowns,” Duval said. “Investors are willing to be aggressive buying assets where they can make significant improvements to reposition an asset and raise rents.”
Saxum Real Estate is a vertically integrated privately-held real estate investment and development company. Saxum focuses on acquiring undervalued and underperforming middle market assets located in affluent, transit-oriented, main street communities within the Tri-State area which consist of historically stable communities within close proximity to New York City that maintain attractive investment fundamentals where strong demand and economic drivers provide significant potential for value creation. Leveraging its vertically integrated platform, Saxum repositions assets into best-in-class market product creating substantial asset value throughout the investment life cycle.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.