David Zimmel, CEO of Zimmel Associates, the Edison–based corporate real estate services firm, reports two sales transactions totaling $12.6 million. In the first transaction, Zimmel arranged the sale of 18 Engelhard Ave., an 85,000 sq. ft. warehouse in Avenel for $9.6 million. David Zimmel represented the seller, Fleet Street, a privately held distribution company based in New York, and the buyer, 18 Engelhard Ave., LLC in the transaction.
“Fleet Street awarded us the exclusive to market the building based on our high level of activity in the New Jersey industrial market,” says Zimmel. “It has a lot to offer including quick access to Exit 12 of the New Jersey Turnpike, 7,500 sq. ft. of office space, eight loading docks and 22 ft. ceilings.
“Not too many buildings like this come on the market and demand is high, so we had numerous offers quickly,” says Zimmel. “Fleet Street wanted the ability to remain in the office space portion of the building for five years. We were able to find a buyer that did not need the office space area for their operation,” he adds.
The buyer will use the warehouse for the distribution of items such as tea, coffee, non-perishable grocery, and other goods.
In the second transaction Zimmel brokered the sale of 3421 Rt. 22 East, a 64,000 sq. ft., two-story office building located in Branchburg for $3 million. The seller is Somerset Thor Building Realty Holdings. The buyer is Cyzner Properties of Green Brook a private commercial real estate development company that has diversified holdings throughout the state.
“We were hired by the court to market and sell the building. It had been vacant for about two years and was in receivership.” says Zimmel. “We presented the building to Cyzner Properties as a prospective 1031 exchange as they had recently sold some real property assets, and we thought it would be a good fit for their portfolio.
“It is a beautiful brick elevator building situated on 25 acres that front Rt. 22,” adds Zimmel. “It has tremendous potential.”Related Articles: