SOMERVILLE, NJ—Cushman & Wakefield has completed the $3.25 million sale of 62-64 West Main Street, a three-story apartment building with ground-floor retail in downtown Somerville.
The commercial real estate services firm’s East Rutherford, NJ-based Alexander McGee represented both the seller and the out-of-state buyer, neither of which were identified. The transaction marks the second sale completed by Alexander on the same street in just the past 90 days. Previously, 201-217 West Main Street, a four-story office and retail property with 21 commercial units, was sold for $3.2 million.
Constructed in 2007, the property consists of eight one- and two-bedroom units on the upper two floors, and Provident Bank has occupied the 5,500-square-foot retail space on the building’s ground floor since 2014. The property is located in the heart of downtown Somerville, county seat of central New Jersey’s Somerset County.
“Main Street is a popular retail corridor, and the area has seen significant new developments in recent years,” says McGee. “Given the location and the fact that the building is newly constructed, this was a prime opportunity that attracted a great deal of interest.”
In addition to its role as county seat, Somerville is also a transit hub, served by New Jersey Transit’s Raritan Valley rail line. It also offers close proximity to major highways, including Routes 22, 202/206 and I-287.
“We were provided with a rare opportunity to simultaneously market two properties on the same street, in the same corridor,” says McGee. “The end result clearly reflects the attractiveness of this particular marketplace for investors, and we are pleased to have been able to successfully complete these two transactions in such a short time span.”