367 Springfield Ave. in Summit — Courtesy: Saxum Real Estate
By Joshua Burd
Development and investment firm Saxum Real Estate has acquired two adjoining properties in downtown Summit, including one that it plans to renovate and market for lease.
The firm said it purchased 367 Springfield Ave. and 40 Beechwood Road, a portfolio two blocks from the Summit train station. The former is a 16,707-square-foot bank building that is fully leased to Bank of America, while 40 Beechwood is a 15,000-square-foot office building with 31 private, on-site parking spots.
Terms were not disclosed.
Saxum plans to complete significant capital improvements to reposition 40 Beechwood as a Class A suburban property as it markets the building to potential tenants. The firm touted the proximity of its newest buildings to the city’s train station, which provides direct access to Manhattan in less than 40 minutes, along with downtown Summit’s mix of shops and restaurants.
“We are excited to be a part of Summit, one of the premier transit-oriented downtowns in New Jersey,” said Anthony Rinaldi, Saxum’s managing principal. “Through our repositioning of 40 Beechwood, we will be able to provide tenants with Class A, boutique office space with parking in the highly-desired submarket.”
Saxum acquired the properties under its Saxum Adamas Real Estate Fund I LP, which has also completed recent acquisitions in Red Bank, Madison and New Brunswick. The firm’s flagship fund focuses on acquiring value-add, middle market assets in affluent, transit-oriented Main Street communities within the tristate area.