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Deals & Dealmakers

Reynolds Asset Management Announces $22 Million Sale of New Jersey Mixed-Use Property

In a continued effort to build up local communities, Reynolds Asset Management  (Reynolds) announced the sale of a newly constructed five-story elevator building, with both residential units and commercial retail space, to a longtime New Jersey property owner via a 1031 exchange. Named Mosaic on Main, the mixed-use building, which is situated in New Jersey’s Somerset County, sold for $22 million.

“We put our heart and soul into every project, so when it came time to part with Mosaic on Main, we wanted to ensure that the new owner would do the same,” said Lou Reynolds, founder and CEO of Reynolds. “Thankfully, we found someone with a stake in the community and a desire to participate in the growing housing opportunities in Bound Brook.”

Conveniently located just steps away from the Raritan Valley train line, restaurants and shopping, the building houses 63 residential units, a combination of studios, 1-bedroom and 2-bedroom apartments, and one 1,650 square-foot retail space. The property boasts energy efficient appliances, an on-site fitness center and granite countertops, among other amenities and features. 

“Similar to Jersey City and Harrison, Bound Brook is a community where everything old is becoming new again,” said Joni Sweetwood, executive vice president of The Kislak Company, Inc., the firm responsible for brokering the sale on behalf of Reynolds. “What makes Mosaic on Main different are the special artistic touches throughout the property brought to life by the Reynold team, such as the original mosaic, personally commissioned by Lou, in the building’s lobby.”

For more information on Mosaic on Main and other Reynolds projects, please visit: http://www.reynoldsasset.com/

About Reynolds Asset Management 

Founded in 2003, Reynolds Asset Management is a vertically integrated commercial real estate investment and development firm, primarily specialized in multi-family apartment living. Based in Paramus, New Jersey, Reynolds’ residential development portfolio includes multi-million-dollar, multifamily projects in New York, New Jersey, Connecticut and Florida. For more information on current projects, visit http://www.reynoldsasset.com or connect with the firm on LinkedIn.

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