In January 2015, Saxum acquired the Lincoln Building, a historic office building located in the heart of Ridgewood, NJ at 45 N Broad St, Ridgewood NJ. The landmark asset, located directly adjacent to the NJ Transit Station, is the tallest building in Ridgewood, and is comprised of five floors totaling 22,500 square feet. Ridgewood is home to one of the state’s most affluent and vibrant downtown communities and has previously been ranked by CNN as the 12th highest earning town in the U.S.
Saxum successfully completed its value-add strategy in 27 months including executing a full reconstruction of the property after stripping it down to the bricks and steel. After strategically vacating existing tenants and increasing rentable square footage, Saxum secured new long-term leases representing some of highest office rents achieved in NJ.
Date Realized: April 2017
Hold Period: 27 Months
Equity Multiple: 2.38x