SUMMIT, NJ — A joint venture of Saxum Real Estate and The Becker Organization purchased a boutique office building in Summit from The Silverman Group, announced Cushman & Wakefield. The commercial real estate services firm’s New Jersey capital markets group orchestrated the trade of a fully leased, 42,000 s/f office building located at 180 River Rd.
“The Silverman Group has done an excellent job in bringing this property to full-occupancy over the course of its ownership period and continues to spin off certain assets as it expands its national portfolio of industrial, residential and office properties. This repeat joint venture partnership of Saxum and Becker maintains a focus on transit-oriented investments in select markets, and 180 River Rd. is well-aligned with that investment strategy,” said Cushman & Wakefield’s Gary Gabriel, who represented the seller and procured the buyer with team members Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer. According to DiTommaso, “Both Saxum and The Becker Organization saw the value in this opportunity and stepped up quickly to take the property off the market. Saxum has been particularly active in Summit and is also headquartered downtown.”