CBRE announced the sale of Manalapan Tech Park, an 84,000-square-foot, 10-acre industrial/flex facility located at 122-250 Park Avenue in Manalapan. The developer and owner of the complex sold the property to 120 Park SD, LLC for $8.6 million – one of the highest recorded per-square-foot sales in Manalapan for this product type.
The CBRE team of First Vice Presidents Charles Berger and Elli Klapper, along with Associate Mark Silverman, represented the seller in this transaction.
“Our Tri-State Investment Properties team is proud to have achieved record-breaking pricing with an aggressive in-place cap rate for a mixed-use facility such as this, while at the same time allowing the buyer ample opportunity to take advantage of the value-add potential in stabilizing the asset, which is currently about 70 percent occupied,” said Mr. Berger, who along with his team remains highly active in the mid-market sector. “This is a secure investment similar to multifamily, as the new ownership isn’t dependent on any individual tenants because the tech park has 54 separate units. This sale highlights our team’s ability to showcase a property’s unique upside opportunities in order to achieve maximum value for our clients,” Mr. Berger added.
Built in 2005, Manalapan Tech Park is comprised of nine buildings, each housing six independently metered units, each consisting of warehouse and office space, with a diverse tenant base ranging from distribution to light manufacturing. The complex is located just off Route 33 and offers direct access to both the New Jersey Turnpike and the Garden State Parkway.
Having partnered successfully for over a decade on transactions in New Jersey and New York City’s outer boroughs, this Tri-State Investment Properties team specializes in mid-market transactions including industrial, multifamily, retail and office.
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