66 Park St. in Montclair — Courtesy: Saxum Real Estate
By Joshua Burd
Saxum Real Estate has announced the sale of a boutique office building in Montclair, following a multiyear effort to renovate and lease up the property with a joint venture partner.
The Summit-based firm said the 15,500-square-foot building, 66 Park St., was 50 percent leased when it acquired the asset in November 2018. Along with its partner, The Becker Organization, Saxum completed a series of common area upgrades that helped drive more than 8,000 square feet of leasing activity with what it described as market-leading rents.
Marcus & Millichap Senior Vice President Alan Cafiero brokered the sale.
“We are excited by the sale of 66 Park sale, as it demonstrates our original investment thesis of acquiring and delivering high quality assets in New Jersey’s most dynamic transit-oriented downtowns,” said Anthony Rinaldi, Saxum’s founder and managing principal. “Towns like Montclair provide unique investment opportunities where Saxum can leverage its vertically integrated investment platform to deliver best-in-class product to the market and achieve attractive returns for our investors.”
The firm said the property, which has an abundance of parking and is close to Bloomfield Avenue, has attracted tenants such as Barnabas Health Group, Cadoo Medical, Davis AHS and Evolve Psychological Services. Saxum also noted that it completed high-end build-outs and finishes on behalf of the tenants.