After acquiring the distinctive Red Bank building in 2017, Saxum Real Estate announced the sale of The Vault Dec. 7 for $10.7 million.
According to the Summit-based firm, the 24,000-square-foot property located at 55 Broad St. in Red Bank was sold to a private buyer in a deal brokered by Marcus & Millichap Senior Managing Director Investments Alan Cafiero, who led the marketing and sale process.
According to Marcus & Millichap’s New Jersey office, investment specialists Brent Hyldahl and Seth Goldberg also worked on the deal.
When it purchased the property, The Vault was one of the first investments made by Saxum from its inaugural Adamas Fund. The vertically integrated real estate investment and development firm subsequently undertook a repositioning project at the property transforming it into an office space, right in the heart of downtown Red Bank.
Exterior updates to The Vault include:
• a new thermoplastic polyolefin roof • illuminated and backlit tenant signage • LED lighting • a new parking lot with ADA accessibility
“The sale caps off another example of Saxum’s longstanding commitment to restoring and elevating iconic buildings in our communities,” Mike Lickstein, associate general counsel for Saxum Real Estate, said in a statement. “This was a several-year effort by the Saxum team leading to a finished product that we are proud to deliver for the building’s tenants and Red Bank community at large. We wish the buyer group nothing but the best as we pass along stewardship of this historic asset.”
Saxum preserved the façade of the building, built circa 1914, and updated common spaces for a modern tenant base. According to the company, The Vault underwent a total core-and-shell renovation, while preserving its historical impression.
“Even in a challenging debt market, all cash 1031 exchange buyers are still looking for high quality trophy assets with long term leases and credit tenants,” Cafiero said in a prepared statement. “The Vault possessed all attributes. Not only did the property have long term net leases to multiple credit tenants, but the property is located in the heart of one of New Jersey’s most sought-after downtowns.”
Charles Schwab signed on as anchor tenant at The Vault in 2020 with a long-term lease for half of the building. Following that, Saxum secured biopharmaceutical company Provention Bio and New York-based hedge fund ExodusPoint Capital Management as tenants. According to the seller, the property’s strong tenant base ensures stabilization and 100% occupancy into the future.