29 Elm St. in Morristown — Courtesy: Marcus & Millichap
By Joshua Burd
A buyer has paid $2.5 million for a 6,000-square-foot mixed-use property in downtown Morristown, under a transaction arranged by Marcus & Millichap.
The brokerage firm said the property, 29 Elm St., is 100 percent occupied by two commercial tenants and one apartment renter. An unnamed LLC purchased the building, with Marcus & Millichap’s Brian Kaplan and Chip Collins representing both parties.
“This building had been painstakingly renovated with Class ‘A’ finishes by the seller and received multiple offers from investors who recognized a quality asset in a vibrant community with strong demographics,” Collins said. He added that Smile Brands, whose footprint includes the first two floors, occupies the space on a 10-year triple-net lease.
