Situated at 1288-1300 Springfield Ave., aka 6-12 South St., the property's sale was driven by its major tenant, McGrath's Hardware, which has expanded three times in the past 15 years and is looking to expand again, according to Berkowitz. "Expansion is a viable possibility given that the owners of a nearby house might wish to sell.
"There were other factors that contributed to the attractiveness of this property, notably its location," Berkowitz says. That location includes proximity to the upscale towns of Summit, Milburn and Chatham, he points out.
"The center could be cosmetically overhauled to create uniform frontage and enhance its curbside appeal," Berkowitz says. "Another advantage is that income growth is derived from the fact that all rents reset to market approximately every five years."
On the legal side, Michael Ostrowsky of the New Jersey-based Dollinger & Ostrowsky represented the seller. The buyer was represented by William Zaccaria of the Great Neck, NY-based Zaccaria & Sasson.
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