A mixed-use property featuring four retail storefronts and 15 apartments located at 357 Millburn Avenue changed hands for $4 million in an off-market sale. The same family had held the three-story building in the heart of Millburn’s desirable commercial district for over fifty years.
Jeff Squires, Managing Director of Kislak arranged the deal on behalf of the seller, P&D Partners, L.P. Mr. Squires additionally secured the buyer, Walton Millburn, LLC.
The fully-occupied brick building was constructed in 1927 and houses 15 residential units on the upper two floors, including four two-bedroom and 11 one-bedroom apartments. The 12,871-square-foot building has been maintained in excellent condition for nearly a century and undergone significant remodeling and renovations over the years. The residential units all have new appliances, updated bathrooms and modern cabinets.
“Multifamily properties in premier locations such as the Short Hills area rarely come on the market. This property had been owned by the same family for over 50 years spanning two generations. Kislak quickly procured a purchaser who agreed to move forward on a non-contingent basis with a fast closing,” commented Kislak’s Squires. “They appreciated the unique opportunity to acquire a multi-generational asset in one of New Jersey’s most exclusive downtown locations. The sales price of $200,000 per unit demonstrates investors’ appetite for well-positioned assets.”
