By Joshua Burd
An investor has acquired a nearly 3,500-square-foot office and retail building in downtown Montclair, under a transaction arranged by NAI James E. Hanson.
Brokers with the firm said the property, located at 555 Bloomfield Ave., is home to a T-Mobile franchisee that leases the entire first floor. Its two upper floors include office space that is approved for two residential units each, providing a flexible opportunity for the new owner.
NAI Hanson’s Michael Walters and Fernando Garip represented the seller in the transaction, noting that the buyer completed its purchase as part of a 1031 exchange.
“Downtown Montclair is a vibrant market with Bloomfield Avenue serving as a strong commercial corridor that attracts residents and businesses alike,” Walters said. “With a number of new residential developments under way, we recognized that 555 Bloomfield Avenue’s prime location and adaptability for retail, office or residential would be attractive qualities for buyers looking for investment opportunities in such a hot market, which allowed us to secure a qualified buyer on behalf of our client.”