351-353 Springfield Ave. in Summit — Courtesy: Cushman & Wakefield
By Joshua Burd
A retail and apartment property in downtown Summit has changed hands for nearly $2.9 million, brokers with Cushman & Wakefield announced Tuesday.
The firm, which represented an undisclosed seller, said the building at 351-353 Springfield Ave. includes two storefronts that are leased to Summit Ski & Snow and Scotti’s Record Shop. The second floor has three leased apartments, while the property has a three-car garage in the rear and is less than a quarter-mile from the Summit train station.
Cushman’s Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller and procured the unidentified buyer in the $2.85 million deal, touting its location along the highly coveted Springfield Avenue retail corridor.”
“Summit is the premier walkable downtown location in New Jersey’s wealth belt, with Springfield Avenue being the epicenter of local commerce,” Schwartz said. “Springfield Avenue has 0 percent retail vacancy, and this deep infill location has high barriers to entry, which limits short- and long-term risk exposure.”
In announcing the deal, C&W noted that the building has 40 feet of frontage on Springfield Avenue, which has average daily traffic of more than 15,000 vehicles. It also sits in an area with strong demographics for commercial activity and a host of shops and restaurants.
