367 Springfield Ave. in Summit — Courtesy: Pierson Commercial
By Joshua Burd
Saxum Real Estate Partners has tapped Pierson Commercial as its retail leasing agent for a rarely available commercial building in downtown Summit.
According to the firms, the property at 367 Springfield Ave. has roughly 6,500 square feet on the ground floor, 3,000 square feet on the second floor and 1,700 square feet on the third floor. The building also has a full basement, they said, noting that potential uses for the retail component include home furnishings, financial institutions, apparel, beauty supply, boutique fitness, fast-casual and full-service restaurants and medical users.
“The subject site is situated at the primary intersection of Springfield Avenue and Beechwood Road, and this is the first time in decades that 367 Springfield Ave. is becoming available,” said Neil Ruppert, a director with Pierson Commercial. “This is a rare opportunity to reposition and breathe new life into an iconic building in downtown Summit.”
The leasing team noted that downtown Summit is home to retail users such as Lululemon, Ani Ramen, Serena and Lilly, Roots Steakhouse, Starbucks, West Elm, Gregory’s Coffee, The Shade Store and Bluemercury. Pierson has already fielded what it described as a high level of interest among prospective tenants, some of whom have sought to enter the market for years.
According to Ruppert, the newly available retail space has 55 feet and 120 feet of frontage along Springfield Avenue and Beechwood Road, respectively. He added that Summit’s roughly 2.8 million square feet of office space alone “draws a strong daytime consumer base to downtown that is augmented by ease of access to Route 24, the Garden State Parkway and interstates 78, 95 and 280.”
“Together with the Pierson team, we’re seeking either single-tenant or mixed-use / multitenant building configurations,” Saxum Principal Matt Wassel said. “We are excited to reposition this iconic asset and bring tenants that will add to one of New Jersey’s most desirable downtowns. The building offers flexibility in how it ultimately leases between retail and office users, and we are excited to engage with top tenants seeking a cornerstone position in Summit.”
