Renaissance Properties Sells New Jersey Community

JLL Capital Markets represented the seller in its disposition of The Hub, located in Metuchen.
The Hub at Metuchen. Image courtesy of JLL

Renaissance Properties has sold The Hub at Metuchen, a mixed-use residential and retail property in Metuchen, N.J. The JLL Capital Markets team of Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Michael Kavanagh represented the seller in the $29.6 million transaction. 

The Class A, transit-oriented property is situated on 2.7 acres at 656-660 Middlesex Ave. in Middlesex County. The Hub was completed in 2018 and offers 79 luxury apartments with 136 parking spaces for residents. The community also offers amenities such as a fitness and yoga center, resident lounge, bicycle storage, a pet washing station, and in-unit washers and dryers. The location also offers residents to commute to Manhattan in under an hour through public transit.

The Hub at Metuchen was purchased by a private buyer as a part of a 1031 exchange requirement free and clear of existing financing. 

Last August, JLL Capital Markets arranged construction financing for the developers of a community in Englewood, N.J.