The Hub at Metuchen features 79 luxury units and more than 11,000 square feet of retail space.

METIUCHEN, NJ—Renaissance Properties of Old Bridge, NJ has sold the mixed-use The Hub at Metuchen complex here for $29.6 million.

The deal was reported by JLL Capital Markets, which represented Renaissance Properties in the sale of the transit-oriented development to a private buyer who purchased the asset as part of a 1031 exchange requirement free and clear of existing financing.

Completed in 2018, The Hub at Metuchen consists of 79 luxury apartments averaging 899 square feet along with 11,203 square feet of retail and a total of 136 parking spaces.

The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O'Hearn and Michael Kavanagh.

The property's amenities include a state-of-the-art fitness center with yoga room, resident lounge, bike storage and pet washing station. Units feature quartz countertops, wood cabinetry, designer tile, plank flooring, smart lock entry and in-unit washers and dryers.

The Hub at Metuchen is situated on 2.69 acres at 656-660 Middlesex Ave. The Central New Jersey property just off Interstate 287 is less than a 10-minute walk from the Metuchen train station.

Metuchen's convenient access to transportation has led to a recent renaissance in the downtown district that has fueled more than 100,000 square feet of retail development and 428 new apartment units delivered since 2014 within a half-mile of the Metuchen Station.

Since its inception more than 20 years ago, Renaissance Properties has developed more than 1,000 new homes and nearly 800,000 square feet of commercial space throughout Central New Jersey.

Last week, Renaissance Properties reported that Building 5 at its Nobility Crest development in Ocean Township, NJ had opened.

Renaissance Properties and Blue Star Group noted that a handful of homes were left available in its first building at the 55+ luxury condominium community. Six new homes are currently available for move-in this summer at Building 5. The new building offers new floorplans featuring one- and two-bedroom condos priced from the low $300,000s.

Instant Insights /

The Hub at Metuchen Trades for Nearly $30M in 1031 Exchange

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