865 Route 33 in Freehold — Courtesy: CBRE
By Joshua Burd
The owner of a 46,000-square-foot industrial building in Monmouth County has sold the property after seven years, under a newly announced transaction by CBRE.
Brokers with the firm represented the seller, L&M Realty Associates LLC, in its disposition of 865 Route 33 in Freehold. A buyer listed as 865 NJ 33 SD LLC purchased the property for $4.95 million, CBRE said, noting that the single-story facility sits on 10 acres.
“L&M Realty Associates originally acquired the asset for $3.5 million in 2013,” said CBRE’s Mark Silverman, who brokered the deal alongside Charles Berger and Elli Klapper. “We were able to procure a buyer during the first few challenging weeks of the global pandemic for this off market deal on top of being able to secure premium pricing for the property.”
Built in 1984, 865 Route 33 is roughly five miles from the New Jersey Turnpike.
“This is the 14th industrial sale for our investment properties team within the last 12 months, with three of them in the township of Freehold alone,” Berger said. “Our ability to achieve premium on a cap rate and price-per-square-foot basis amidst a pandemic demonstrates the strength of the market and the ability of our team to maximize value on a diverse range of industrial and flex properties.”
