Marlboro-based Pierson Commercial on July 19 announced the retail lease-up of the Madison Building in Montclair, a roughly 35,000-square-foot, five-story mixed-use property located at 427 Bloomfield Ave.
The firm’s leasing team, which is spearheaded by retail broker Neil Ruppert, is also marketing ground-floor space, ideally suited for a full-service restaurant or professional/medical office at a prominent downtown Montclair intersection/former bank building less than two blocks away.
Both properties have undergone significant value-add enhancements and repositioning since being acquired by Saxum Real Estate.
“Montclair’s vibrant, walkable downtown and its highly visible boutique retail buildings are continuing to attract consistent tenant demand, with great attention given to those with a ground-floor retail presence along Bloomfield Avenue,” said Ruppert. “Modern businesses have been pursuing – and will continue to seek – to establish, expand or relocate their operations within popular urban-suburban municipalities, where lifestyle conveniences and transit are just steps from the front door.”
Originally built in 1912, the Madison Building was acquired by Saxum Real Estate in 2015 and has since launched and finalized an extensive property-wide repositioning. A designated historic landmark, the building features a soaring atrium lobby, surrounding open-concept walkways on each floor and flexible floorplans.
With the completion of recent lease transactions, the building is now 91% leased. Remaining space availabilities include two 1,500-square-foot prebuild units located off the building’s atrium.
Tenants include ground-floor retailers Grayford’s, Goji Superfoods and Haus of Highlights. Office tenants range from Fusion Academy to Hillsong Church.
New Jersey Transit Bus Routes 11, 28, 29, 34 offer service within steps of the building at the corner of Bloomfield and Glen Ridge Avenues. Neighborhood dining options include Raymond’s, Bareburger, Ani Ramen House, Playa Bowls, Fresco da Franco, Montclair House Grill, Sushi Hana, Kreme and Krumbs and Leone’s.
“The Madison Building and 475 Bloomfield Ave. property are cornerstone assets within the dynamic Montclair market, offering a blend of sophisticated historic elements and modern conveniences,” said Matthew Wassel, Saxum’s director of leasing. “Saxum focuses on delivering unique opportunities for tenants in key downtown markets, and Saxum has positioned itself as a thought leader in identifying and executing on underappreciated assets with the potential to attract a wide range of users.”
Saxum also implemented value-add renovations at 475 Bloomfield Ave., that mirror the work at The Madison Building in elevating the asset class category. Located at the corner of North Fullerton Avenue, adjacent to a municipal parking deck, the building is a two-minute walk from the Madison Building.
Built in 1922, and acquired by Saxum in 2018, the three-story, 25,000-square-foot mixed-use property is a former Chase Bank branch. Interiors feature traditional architectural elements, a grand raised roof with a large skylight and marble finishes.
Saxum executed a lease and is building out high-end coworking and shared-office space within the building, which will be a substantial benefit for retailers seeking space within the asset.
“Offering frontage along the popular Bloomfield Avenue Business District, 475 Bloomfield Ave. has current availabilities suited for professional/medical offices and a full-service restaurant,” said Ruppert. “An architectural anchor with an iconic façade, the property also offers rare branding opportunities at the highly visible Five Corners.”