Commercial real estate firm Saxum Real Estate recently announced it has acquired two adjoining properties in downtown Summit, located at 367 Springfield Ave. and 40 Beechwood Ave.
In total, the firm acquired 31,707 square feet; 16,707 square feet of retail space at 367 Springfield and 15,000 square feet of office space at 40 Beechwood.
“We are excited to be a part of Summit, one of the premier transit-oriented downtowns in New Jersey,” Anthony Rinaldi, Saxum’s managing principal, said. “Through our repositioning of 40 Beechwood, we will be able to provide tenants with Class A, boutique office space with parking in the highly-desired submarket.”
Saxum acquired the properties under its Saxum Adamas Real Estate Fund I, which also completed acquisitions in Red Bank, Madison and New Brunswick. The firm said its fund is focused on value-add, middle market assets in affluent, transit-oriented communities in the tri-state area.
Financial terms were not disclosed.