180 River Road in Summit — Courtesy: JLL
By Joshua Burd
The owner of a boutique office building in Summit has tapped JLL to sell the property, providing what the listing team says is “significant value-add potential” in a top-tier market.
Brokers say the asset, 180 River Road, has 41,998 rentable square feet but is just 31 percent leased with State Farm as its lone tenant. That sets the stage for a buyer to create additional value by leasing up the building, which sits on 1.91 acres just off routes 24 and 124 and minutes from interstates 78 and 287.
JLL added that ownership has spent nearly $1 million on upgrades since 2020, including a new roof, HVAC updates, garage repairs and lobby renovations, among others. What’s more, the would-be seller “has a plan and budget that would allow the building to accommodate medical tenants to help meet the ever-expanding needs in the area,” the firm said.
Jose Cruz, Jeremy Neuer and Michael Kavaler are spearheading the listing team with assistance from Ryan Carroll of JLL’s debt and equity placement group. They noted that the average household income within a three-mile radius is $265,953, making Summit a “highly desirable” market for tenants and investors.
The two-story building, which was constructed in 2001, has structured parking with 88 spaces as well as 58 surface spaces. It’s also a five-minute drive from Summit train station.
