A landmark along the retail street in Summit is looking for a fresh start and a new tenant as an iconic building has hit the open market for the first time in decades.
Pierson Commercial Real Estate has announced that Saxum Real Estate Partners have appointed them as the exclusive retail leasing firm for 367 Springfield Avenue. The site, situated at the corner of Springfield Avenue and Beechwood Road, includes three floors of space plus a full basement.
The history of the building goes back to 1898, when the Summit Trust Company called the property home. It is currently playing host to a Bank of America branch, which will be relocating across the street later this year.
The building features approximately 6,500 square feet on the ground floor, 3,000 square feet on the second floor, and 1,700 square feet on the third floor. The owners are seeking either a single-tenant or a mixed-use/multi-tenant building configuration.
“We are excited to reposition this iconic asset and bring tenants that will add to one of New Jersey’s most desirable downtowns,” said Saxum’s Principal Matt Wassel. “The building offers flexibility in how it ultimately leases between retail and office users, and we are excited to engage with top tenants seeking a cornerstone position in Summit.”
The ground floor retail space at the property boasts approximately 55 feet and 120 feet of frontage along Springfield Avenue and Beechwood Road, making the storefront highly visible.
The building sits across from a Lululemon and is surrounded by a retail stretch that includes Ani Ramen, Serena & Lilly, Roots Steakhouse, Starbucks Coffee, West Elm, Gregory’s Coffee, The Shade Store and Blue Mercury.
Pierson Commercial’s Director Neil Ruppert noted there is already a high level of interest among prospective tenants, some of whom have been seeking entry into the market for years.
Potential uses for the retail component include home furnishings, financial institutions, apparel, beauty supply, boutique fitness, fast-casual and full-service restaurants and medical users.
