NAI Hanson Negotiates Sale of Mixed-Use Building in Montclair, N.J.

Feb 12, 2019

Montclair, N.J. (February 12, 2019)NAI James E. Hanson has negotiated the sale of a 3,469-square-foot mixed-use office/retail building at 555 Bloomfield Avenue in Montclair, N.J. NAI James E. Hanson’s Michael Walters and Fernando Garip represented the seller in the transaction.

Situated in the heart of downtown Montclair, 555 Bloomfield Avenue is a two-story mixed-use property comprised of dedicated retail and office space. A T-Mobile franchisee, currently leases the entire first floor of the building. With the two upper floors approved for two residential units each, 555 Bloomfield Avenue represents a flexible mixed-use building that investors are continuing to search for in a competitive market. The buyer recognized the potential of the space and was able to leverage a 1031 exchange to purchase the asset as a long-term investment opportunity.

“Downtown Montclair is a vibrant market with Bloomfield Avenue serving as a strong commercial corridor that attracts residents and businesses alike,” said Walters. “With a number of new residential developments under way, we recognized that 555 Bloomfield Avenue’s prime location and adaptability for retail, office or residential would be attractive qualities for buyers looking for investment opportunities in such a hot market, which allowed us to secure a qualified buyer on behalf of our client.”

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