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REALESTATENJTM 13
   NEWLY RESTORED MONTCLAIR BUILDING SELLS FOR $18 MILLION
Saxum Real Estate has sold a newly renovated office and retail building in downtown Montclair for $18 million, brokers with Marcus & Millichap announced.
According to the investment sales firm, which marketed the property at 427 Bloomfield Ave., an undisclosed buyer purchased the 32,498-square-foot building as part of a Section 1031 like-kind exchange. Marcus & Millichap’s Alan Cafiero and David Cafiero represented the seller of what’s known as The Madison Building.
“The fully gut-renovated property saw significant interest from the marketplace drawing multiple offers,” Alan Cafiero said. “The
buyer that was selected was in
a 1031 exchange coming out of properties in New York City. This has been a common theme in recent years where buyers are moving their capital from the (New York City) boroughs to the highest quality properties in New Jersey.”
The deal follows Saxum’s acquisition of the building in 2015 and subsequent multimillion-dollar renovation, which helped attract
a series of new office and retail tenants. The project included significant preservation of the structure’s historic façade, as well as a complete renovation of its interior.
The 110-year-old building, designed by Van Vleck and Goldsmith, was among Saxum’s first investments after its founding.
“The repositioning of this iconic building was an incredible
The Madison Building at 427 Bloomfield Ave. in Montclair
undertaking years in the making,” said Anthony Rinaldi, Saxum’s founder and managing principal. “Preserving the historical integrity of the asset while modernizing
the building to attract today’s users took a significant amount of time, energy and capital. We are incredibly proud of the outcome as it directly reflects the dedication to quality from the Saxum team.”
Bergenfield, to SportsCare Physical Therapy. NAI James E. Hanson’s Anthony Cassano represented both parties.
HOTWORX leased 2,064 square feet
at Livingston Town Center, a mixed- use complex at North Livingston and Mount Pleasant avenues in Livingston. Kevin Pelio of Azarian Realty Co. and Gramm Kauffman of Morrow Hill represented the landlord and tenant, respectively.
FINANCE
PGIM REAL ESTATE provided $87.1 million in financing to LCOR Inc. and Madison International Realty for Valley and Bloom, a mixed-use property with 258 apartments, 19,812 square feet of office space, 19,921 square feet of retail space and an attached parking garage at 34 Valley Road in Montclair. JLL’s Jim Cadranell, Jon Mikula and Michael Lachs sourced the loan on the joint venture’s behalf.
A lender provided $63 million in permanent financing to Fields Grade Development for The Agnes, a new 233-unit apartment building at 132 Yale Ave. in Jersey City. Mark DeLillo, Marc Schulder, Lee Spiegelman and Felipe Marin of BlueGate Partners LLC and
M&T Realty Capital Corp. secured the loan.
An undisclosed lender originated a $54.5 million construction loan to a development team at 155 Jefferson St. in Newark, the site of a hospital that
is being renovated into a new design- focused high school. Progress Capital’s David May and Evan Boles brokered the financing.
KANSAS CITY LIFE INSURANCE CO.
provided $7.2 million to refinance a
100,000-square-foot, multitenant office building in Piscataway. Wesley Wilcox and Bridget Wilcox of G.S. Wilcox & Co. placed the loans for an undisclosed New Jersey-based investor. RE
           








































































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