The Hub at Metuchen, a mixed-use property at 658-660 Middlesex Ave. in Metuchen — Courtesy: JLL
By Joshua Burd
A newly built apartment and retail complex in Metuchen is on the market for sale, providing an investment opportunity in the borough’s revitalized downtown and transit district.
Brokers with JLL are marketing the property, The Hub at Metuchen, which consists of 79 luxury apartments and about 11,200 square feet of retail space. Completed in 2018, the development is located at 658-660 Middlesex Ave. and sits among several recently delivered residential and retail projects that have helped energize the borough’s central business district.
The property is expected to command roughly $32 million.
“The immediate area surrounding the Metuchen train station has seen an influx of development in the last few years as macroeconomic trends shift development towards transit-oriented areas,” JLL wrote in its offering materials. “The Hub at Metuchen is a successful example of this trend and is just one of the new projects in Metuchen’s transforming transit village.”
The Hub’s residential component includes 67 market-rate and 12 affordable apartments with high-end finishes and interiors, JLL said. Amenities include a fitness center with yoga room, a resident lounge, bike storage and a pet washing station, along with on-site retail space that is home to tenants such as a coffee shop, a pilates studio, Trinity Rehab and BurgerIM.
That retail space is 72.5 percent occupied, JLL said, noting that the site is minutes from Interstate 287 and less than a 10-minute walk from the Metuchen train station.
Across the street from The Hub, a separate development has attracted national operators such as Whole Foods, Chipotle and others that are banking on the borough’s resurgence and its strong connectivity. JLL also highlighted Metuchen’s affluent demographics and its heralded school district.
The brokerage team includes Jose Cruz, Kevin O’Hearn, Mark Mahasky, Stephen Simonelli, Michael Oliver and Michael Kavanagh. Matthew Pizzolato is heading the financing effort.
