Summit, N.J.,  – Pierson Commercial Real Estate (Pierson Commercial) has been appointed by Saxum Real Estate Partners as the exclusive retail leasing firm for 367 Springfield Avenue in Summit, N.J.

“The subject site is situated at the primary intersection of Springfield Avenue and Beechwood Road, and this is the first time in decades that 367 Springfield Avenue is becoming available,” said Pierson Commercial’s Director Neil Ruppert. “This is a rare opportunity to reposition and breathe new life into an iconic building in Downtown Summit.”

“The building features approximately 6,500 SF on the ground floor, 3,000 SF on the second floor and 1,700 SF on the third floor, in addition to a full basement,” said Saxum’s Principal Matt Wassel. “Together with the Pierson team, we’re seeking either single-tenant or mixed-use / multi-tenant building configurations. We are excited to reposition this iconic asset and bring tenants that will add to one of New Jersey’s most desirable downtowns. The building offers flexibility in how it ultimately leases between retail and office users, and we are excited to engage with top tenants seeking a cornerstone position in Summit.”

According to Ruppert, the retail space boasts approximately 55 feet and 120 feet of frontage along Springfield Avenue and Beechwood Road, respectively. “Summit’s roughly 2,800,000 SF of office space alone draws a strong daytime consumer base to downtown that is augmented by ease of access to Route 24, the Garden State Parkway and Interstates 78, 95 and 280,” he said.

Downtown Summit’s retail landscape includes Lululemon, Ani Ramen, Serena & Lilly, Roots Steakhouse, Starbucks Coffee, West Elm, Gregory’s Coffee, The Shade Store and Blue Mercury. In addition to 367 Springfield Avenue, all are part of the award-winning Summit Downtown, an Accredited Main Street America™ district committed to strengthening communities through preservation-based economic development in older and historic downtowns and neighborhood commercial areas.

Ruppert noted there is already a high level of interest among prospective tenants, some of whom have been seeking entry into the market for years. Potential uses for the retail component include home furnishings, financial institutions, apparel, beauty supply, boutique-fitness, fast-casual and full-service restaurants and medical users.

Located in the northwest corner of Union County, N.J., Summit is bordered by several prestigious and affluent neighboring communities including Millburn, Short Hills, Chatham, New Providence, Berkeley Heights and Springfield Township.

Situated only 15 miles from Manhattan, Summit has attracted former New York City dwellers in recent years due to its outstanding award-winning public-school district, commuting ease via a vast network of highways, bus and rail connection options and lifestyle amenities. In addition to shopping and dining within Summit Downtown, the Mall at Short Hills and a full complement of recreational and cultural venues are nearby.

Founded in 2011, Pierson Commercial’s retail commercial real estate brokerage and advisory firm provides a full range of acquisition, disposition and leasing services spanning over 7MSF of retail space across major downtown redevelopments, new construction and existing retail shopping centers throughout New Jersey.