176 Riverside Ave. in Red Bank — Google Maps
By Joshua Burd
Developer and investment firm Saxum Real Estate has purchased a well-known, 38,000-square-foot office building in Red Bank, its latest acquisition in the borough in a little more than a year.
The Parsippany-based firm reportedly acquired the property at 176 Riverside Ave. for $7.4 million. The 2.5-acre site, the former home of the Visiting Nurse Association Health Group, overlooks the Navesink River and is within blocks of the borough’s downtown.
Saxum’s investment follows its acquisition in 2016 of 55 Broad St., a historic bank building that now serves as retail and office space in the downtown. Now known as The Vault, the property is among several Saxum properties in central business districts such as New Brunswick and Summit.
“We are excited about this acquisition as it allows us to further invest into one of New Jersey’s most vibrant, downtown communities,” Anthony M. Rinaldi, managing principal at Saxum Real Estate, said in a prepared statement. “This acquisition provides us with another unique opportunity to transform a vacant, underutilized building into best-in-class product that further benefits the residents and overall community.”
CBRE Senior Vice President Suzanne Macnow represented the Visiting Nurse Association in the sale to Saxum, according to the Asbury Park Press. The organization moved to Holmdel last year.