2-10 Broad St. in Red Bank — Courtesy: Marcus & Millichap
By Joshua Burd
An investment group has sold a mixed-use building in downtown Red Bank for $12.75 million, or more than $450 per square foot, in a deal arranged by Marcus & Millichap.
In a news release, the brokerage team said the property at 2-10 Broad St. spans 28,110 square feet that includes ground-floor retail space anchored by Urban Outfitters, along with two floors of boutique office space. The structure has frontage on both West Front and Broad streets, adding to the appeal for the privately held, New Jersey-based buyer.
“The market for best-in-class mixed-use assets remains strong despite market conditions,” said Alan Cafiero, a senior managing director for investments with Marcus & Millichap. “Front & Broad is second to none in terms of quality and location.”
Cafiero and fellow New Jersey investment specialists Brent Hyldahl and Seth Goldberg represented the seller and procured the buyer. Joseph Belgiovine, a first vice president for capital markets with Marcus & Millichap Capital Corp., arranged acquisition financing.
The deal comes five years after an affiliate of Saxum Real Estate purchased the property, which it rebranded and renovated to create office space with exposed brick, glass offices and common tenant space, along with views of the Navesink River.
“This asset is a top-quality build housing strong credit tenants in an A-plus location,” Belgiovine said. “Our lender recognized these fundamental core strengths and provided our client with the most aggressive financing terms available in the market.”
