The Madison Building in Montclair sold for $18 million.
James McGuckin, regional manager of Marcus & Millichap’s New Jersey office, announced the sale of the 32,498-square-foot mixed-property June 7.
Alan Cafiero and David Cafiero, investment specialists of the Cafiero Group — based in New Jersey — exclusively marketed the property located at 427 Bloomfield Ave. on behalf of the limited liability seller.
The buyer was not disclosed.
Situated in downtown Montclair, The Madison Building offers access to a mix of restaurants and shops.
“The fully gut renovated property saw significant interest from the marketplace drawing multiple offers,” the Cafiero Group said, calling attention to the move of investments across the Hudson from New York to New Jersey. “The buyer that was selected was in a 1031 exchange coming out of properties in New York City. This has been a common theme in recent years where buyers are moving their capital from the N.Y.C. boroughs to the highest quality properties in New Jersey.”