180 River Road, Summit, NJ
SUMMIT, NJ—A joint venture of locally-based Saxum Real Estate and The Becker Organization of Montclair, NJ has acquired 180 River Road, a boutique fully-leased 42,000-square-foot office building here.
The property was purchased from The Silverman Group of Basking Ridge, NJ. The deal was brokered by the capital markets group of Cushman & Wakefield.
The two-story building, which features a precast concrete and reflective glass exterior. was constructed in 2001.
"The Silverman Group has done an excellent job in bringing this property to full-occupancy over the course of its ownership period and continues to spin off certain assets as it expands its national portfolio of industrial, residential and office properties. This repeat joint venture partnership of Saxum and Becker maintains a focus on transit-oriented investments in select markets, and 180 River Road is well-aligned with that investment strategy," noted Cushman & Wakefield's Gary Gabriel, who represented the seller and procured the buyer. Gabriel was assisted in the deal by C&W's Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer.
"Both Saxum and The Becker Organization saw the value in this opportunity and stepped up quickly to take the property off the market. Saxum has been particularly active in Summit and is also headquartered downtown," DiTommaso adds.
Home to three long-time tenants, 180 River Road sits on two acres along River Road, immediately off Route 24 and JFK Parkway. It is less than five minutes from downtown Summit, an affluent, walkable village lined with shops and dining, and offering 35-minute direct rail service to New York Penn Station. The property is located less than one mile from the Mall at Short Hills, the Hilton Short Hills and Equinox Fitness, providing a wealth of built-in local amenities.
According to DiTommaso, 180 River Road is unique in its size, as just one of five stand-alone office buildings in Summit greater than 40,000 square feet.
"Summit is one of New Jersey's most fundamentally sound and highest barrier-to-entry submarkets, with limited opportunities to service tenants greater than 10,000 square feet," he says. "Competitive properties maintain a 95% average occupancy rate and achieve some of the highest rental rates in suburban New Jersey."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
