Situated at 1288-1300 Springfield Ave., aka 6-12 South St., theproperty's sale was driven by its major tenant, McGrath's Hardware,which has expanded three times in the past 15 years and is lookingto expand again, according to Berkowitz. "Expansion is a viablepossibility given that the owners of a nearby house might wish tosell.
"There were other factors that contributed to the attractivenessof this property, notably its location," Berkowitz says. Thatlocation includes proximity to the upscale towns of Summit, Milburnand Chatham, he points out.
"The center could be cosmetically overhauled to create uniformfrontage and enhance its curbside appeal," Berkowitz says. "Anotheradvantage is that income growth is derived from the fact that allrents reset to market approximately every five years."
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