2-10 Broad St. in Red Bank — Courtesy: Saxum Real Estate
(Editor’s note: This story was updated with information from HFF, which represented the seller of the property.)
By Joshua Burd
Investment and development firm Saxum Real Estate has acquired another building in downtown Red Bank, with plans to reposition and rebrand the property as additional boutique office space.
The firm said Tuesday that it closed on 2-10 Broad St., a three-story, 27,033-square-foot building at the busy corner of Front Street. The property is anchored by Urban Outfitters, which occupies 10,400 square feet on the ground floor, and is home to Deloitte and Elevation LLC as office tenants on the upper floors.
Saxum has renamed the building Front & Broad ahead of a plan to upgrade the remaining 12,700 square feet of vacant office space, according to a news release. The space will feature exposed brick, glass offices and common tenant space, with the upper floor offering views of the Navesink River, while the rear terrace provides outdoor amenity space for occupants.
“We are thrilled to close on this new acquisition as it allows us to further invest into one of New Jersey’s most vibrant downtowns,” said Anthony Rinaldi, Saxum’s managing principal. “This acquisition provides us with a unique opportunity to transform another iconic Red Bank building into best-in-class product that further benefits the residents and overall community.”
The deal adds to Saxum’s growing portfolio in downtown Red Bank, which also includes a property known as The Vault at 55 Broad St. and 176 Riverside Ave., which sits at the gateway to the central business district. The firm touted the borough’s vibrant mix of restaurants, shops and cultural destinations.
Brokers with HFF marketed the property on behalf of the seller, Broad Street Realty Association LLC, touting the nearby mass transit options, walkability and proximity to the Navesink River. The brokerage team included Director Marc Duval, Senior Managing Director Jose Cruz, Managing Director Chris Munley and Senior Director Stephen Simonelli.
“We continue to see investors targeting amenity-rich markets that are transit friendly and within close reach of urban areas that will be attractive to millennials,” Duval said.