The Madison Building at 427 Bloomfield Ave. in Montclair — Courtesy: Saxum Real Estate
(Editor’s note: This story was updated on June 13 with additional information from Saxum Real Estate, the seller of The Madison Building at 427 Bloomfield Ave. in Montclair.)
By Joshua Burd
Saxum Real Estate has sold a newly renovated office and retail building in downtown Montclair for $18 million, brokers with Marcus & Millichap announced Tuesday.
According to the investment sales firm, which marketed the property at 427 Bloomfield Ave., an undisclosed buyer purchased the 32,498-square-foot building as part of a Section 1031 like-kind exchange. Marcus & Millichap’s Alan Cafiero and David Cafiero represented the seller of what’s known as The Madison Building.
“The fully gut-renovated property saw significant interest from the marketplace drawing multiple offers,” Alan Cafiero said. “The buyer that was selected was in a 1031 exchange coming out of properties in New York City. This has been a common theme in recent years where buyers are moving their capital from the (New York City) boroughs to the highest quality properties in New Jersey.”
The deal follows Saxum’s acquisition of the building in 2015 and subsequent multimillion-dollar renovation, which helped attract a series of new office and retail tenants. The project included significant preservation of the structure’s historic façade, as well as a complete renovation of its interior.
The 110-year-old building, designed by Van Vleck and Goldsmith, was among Saxum’s first investments after its founding.
“The repositioning of this iconic building was an incredible undertaking years in the making,” said Anthony Rinaldi, Saxum’s founder and managing principal. “Preserving the historical integrity of the asset while modernizing the building to attract today’s users took a significant amount of time, energy and capital. We are incredibly proud of the outcome as it directly reflects the dedication to quality from the Saxum team.
“The Madison Building holds a great deal of sentimental value, as it was one of Saxum’s earliest investments helping to establish Saxum’s roots in acquiring assets that go unseen and overlooked by the majority of investors.”
Pierson Commercial touts retail lease-up of historic building in downtown Montclair
