Woodbridge, N.J., – NAI DiLeo-Bram & Co. Senior Vice President Marc Shein has arranged the $4.3M sale of a 49,000-square-foot multi-tenanted office building located in Manalapan, N.J. In the transaction, Shein exclusively represented the seller, who he also represented nearly 25 years ago in acquiring the property. The buyer is East Windsor-based TFE Properties, which owns a diverse real estate portfolio of hotels, office buildings and retail properties in the area.
“We utilized the TenX commercial real estate auction platform, which enabled us to cast a wider net and reach an expanded investor audience,” said Shein, who noted the property was approximately 60 percent leased at the time of sale. “As a result, we successfully procured a buyer through the auction process that allowed us to close within a short period of time. All due diligence was completed in advance of the contract being executed, so once the auction process was completed, it was a firm deal. Our client was extremely pleased with the streamlined nature of the entire transaction.”
Located minutes from Routes 9, 18, and 33 in the heart of the all-important Central Jersey office market, the two-story Class-A elevatored office property includes training and conference facilities as well as a full lower level with additional offices and storage space. In addition to meticulous landscaping and ample parking (4 spaces / 1,000 SF), the building features a host of high-end finishes such as marble flooring, an ornamental stairway and custom woodwork. Recent upgrades range from a new façade with an all-glass lobby entry and HVAC system to LED lighting.
Originally built in 1986, this office property is strategically situated just north of the Freehold Circle and within minutes of CentraState Medical Center, Raritan Bay Medical Center and the Monmouth County Courthouse.