66 Park Street, Montclair
In November 2018, Saxum acquired 66 Park Street, a 15,500 square foot, two-story office building located in close proximity to downtown Montclair. The Property is located two blocks from Bloomfield Ave, the main retail corridor through downtown Montclair and three blocks from the Walnut Street NJ Transit Station, which provides direct access to Manhattan in under 40 minutes. Downtown Montclair serves as a built-in amenity to tenants as it offers restaurants, shops and bars within a five minute walk of the property.
The property has traditionally been owner-occupied, well maintained and historically at full occupancy. At transaction close, the seller, a leading tax appeal firm leased back approximately 45% of rentable square footage under a long-term lease, which compliments a mix of legal and medical tenants at the property.
Saxum acquired the property in partnership with the Becker Organization and will be implementing a value-add strategy to upgrade tenant spaces, common areas and landscaping to facilitate leasing on approximately 6,500 square feet of vacancy. The layout, design and parking ratios of the building provide the ability to lease to a myriad of different tenant groups, including medical users.
Date Realized: April 2021
Hold Period: 28 Months
Equity Multiple: 2.40x