40 Beechwood Road in Summit — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has acquired a boutique office building in downtown Summit for more than $12.5 million, in a newly announced transaction by Marcus & Millichap.
Brokers say the property, 40 Beechwood Road, comprises 19,971 square feet of redeveloped space and serves as the headquarters of Energy Capital Partners, a private equity firm focused on the energy sector. The undisclosed buyer paid $12.57 million for the property.
“Transit-oriented downtowns are experiencing significant demand from the investment community,” Marcus & Millichap wrote in a news release Tuesday. “40 Beechwood is a best-in-class boutique office building two blocks from the Summit train station.”
Alan Cafiero, Ben Sgambati and David Cafiero, investment specialists in the firm’s New Jersey office, represented the seller in the deal.
Purchased in 2017 by an affiliate of Saxum Real Estate, 40 Beechwood is part of a limited stock of Class A office space in downtown Summit. The investment firm and its partner, MRY Associates, overhauled the previously vacant property to create modern building systems, features and finishes and incorporated energy efficiencies, along with additional space in the building.
The project was a finalist for last year’s NAIOP New Jersey Deal of the Year Award in the office category. Saxum worked alongside Mancini Duffy and MRY for the redevelopment, securing secured Energy Capital Partners as a tenant and adding amenities such as a rooftop conference space and a high-end fitness and wellness center.