Renaissance Properties Sells New Jersey Community
JLL Capital Markets represented the seller in its disposition of The Hub, located in Metuchen.
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.