SOMERSET, NJ—A four-story, 45,000 square-foot commercial building at 201-217 West Main Street, between New Street and South Doughty Avenue in Somerville, NJ, has been sold for $3.2 million. The buyer and seller were not disclosed by Cushman & Wakefield, which brokered the transaction for the seller.
"Somerville, New Jersey is ripe with new commercial and residential development, with multiple projects currently underway. This property is ideally located in the heart of the downtown district. All parties involved were very satisfied with this transaction," says Cushman & Wakefield's Alexander McGee, who exclusively represented the seller with Alex Svetlakou.
The building features ground floor retail with more than 150 feet of frontage along Main Street. The upper floors contain multiple office units. The sale price equates to approximately $71 per square foot.
The property is in the heart of downtown Somerville, on a popular retail corridor with a number of restaurants, banks, and newly built apartments. The Bridgewater Commons Mall is just two miles away and the Somerville Train Station is less than a half-mile away, providing access to the NJ transit system and Penn Station. Additionally, the property is in close proximity to Interstate 78, Interstate 287, and Route 202.
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