Saturday, April 4, 2020

Class A mixed-use property in Metuchen, NJ trades for $29.6 million


The Hub at Metuchen is a Class A, transit-oriented mixed-use residential and retail property located
 in Metuchen, Middlesex County, New Jersey.

Jose Cruz

MORRISTOWN, N.J., March 23, 2020 – JLL Capital Markets announced today that it has completed the $29.6 million sale of The Hub at Metuchen, a Class A, transit-oriented mixed-use residential and retail property in Metuchen, Middlesex County, New Jersey.

JLL marketed the property exclusively on behalf of the seller, Renaissance Properties. A private buyer purchased the asset as part of a 1031 exchange requirement free and clear of existing financing.

The Hub at Metuchen is situated on 2.69 acres at 656-660 Middlesex Avenue in the heart of Metuchen’s transit village.

Steve Simonelli
 Located in central New Jersey, just off Interstate 287 and less than a 10-minute walk from the Metuchen train station, the property offers residents convenient access to all of the New York City metro’s major employment centers, including Manhattan in 45 minutes. 

Metuchen’s convenient access to transportation has led to a recent renaissance in the vibrant downtown, reflected by over 100,000 square feet of retail and 428 apartment units delivered since 2014 within a half-mile of the Metuchen Station.

Completed in 2018, The Hub at Metuchen consists of a mix of 79 luxury apartments averaging 899 square feet along with 11,203 square feet of retail and a total of 136 parking spaces. 

Michael Oliver
The property offers a luxurious amenity package, including a state-of-the-art fitness center with yoga room, resident lounge, bike storage and pet washing station. 

Units feature quartz countertops, wood cabinetry, designer tile, plank flooring, smart lock entry, and in-unit washers and dryers.

The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Michael Kavanagh.

Kevin O’Hearn
“We are seeing transactions that represent good long-term opportunities in strong markets still closing given today’s current environment,” Cruz said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 Michael Kavanagh
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Contact:

 Olivia Hennessey
 JLL Senior Associate
 Public Relations  
Phone: +1 713 852 3403

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