The Hub at Metuchen at 656-660 Middlesex Ave. in Metuchen — Courtesy: JLL
By Joshua Burd
The developer of a two-year-old luxury residential and retail complex in Metuchen has sold the property for nearly $30 million, in a transaction arranged by JLL.
Brokers with the firm represented Renaissance Properties in the sale of The Hub at Metuchen, which includes 79 apartments and 11,203 square feet of retail. A private buyer acquired the property, which sits at 656-660 Middlesex Ave., for $29.6 million as part of a 1031 exchange.
The JLL capital markets team included Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Michael Kavanagh.
“We are seeing transactions that represent good long-term opportunities in strong markets still closing given today’s current environment,” Cruz said.
In a news release Monday, JLL noted that The Hub at Metuchen sits just off Interstate 287 and less than a 10-minute walk from the Metuchen train station. The 2.69-acre property is also steps from the borough’s revitalized downtown, where developers since 2014 have added more than 100,000 square feet of new retail space and 428 apartments within a half-mile of the rail station.
Amenities at The Hub include a modern fitness center with yoga room, resident lounge, bike storage and pet washing station JLL said. Units feature quartz countertops, wood cabinetry, designer tile, plank flooring, smart lock entry and in-unit washers and dryers.