475 Bloomfield Ave. in Montclair — Courtesy: Saxum Real Estate
By Joshua Burd
Saxum Real Estate has expanded its holdings in downtown Montclair with the acquisition of two neighboring properties, including a 25,000-square-foot former bank building.
Located at 475 Bloomfield Ave., the bank property was previously home to JPMorgan Chase. The retail bank tenant has moved to a nearby build-to-suit property, Saxum said, paving the way for it to renovate and reposition the property as high-end, boutique office and retail space.
The developer and real estate investment firm has similar plans for its other new acquisition, an adjacent three-story, 9,000-square-foot property at 483 Bloomfield Ave.
“Our recent acquisitions will allow for Saxum to continue its mission of creating best-in-class assets in New Jersey’s most vibrant communities,” said Anthony Rinaldi, Saxum’s managing principal. “These building’s iconic and historic construction will allow Saxum to blend modern and sophisticated design to create a dynamic workplace in one of New Jersey’s premier transit-oriented downtowns.
“Montclair is truly where the city meets the suburbs and features a thriving downtown community with ample transportation, restaurants, shops and cultural attractions.”
The firm made the acquisitions through its flagship Saxum Adamas Fund I LP, which focuses on acquiring value-add properties in transit-oriented downtowns. They represent Saxum’s second and third purchases in downtown Montclair, following its addition of the Madison Building at 427 Bloomfield Ave. in fall 2015.
Saxum has nearly completed its renovation of the Madison Building and recently recapitalized the property following a newly executed lease with Fusion Academy, the firm said in a news release. Fusion Academy, which occupies about 10,000 square feet, is a private high school specializing in one-to-one learning.