Block 78, Lot 19 on Route 33 West in Manalapan — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owners of a 27-acre development parcel in Manalapan have sold the property for $4.5 million, a brokerage team with The Kislak Co. Inc. announced this week.
The buyer, Menlo 33 Associates III LLC, plans to build an industrial flex facility on the tract on Route 33 West near the Pegasus Boulevard intersection, according to a news release. Kislak Senior Vice President Daniel Lanni represented the seller, Public Equipment Rental Co., noting that the deal was completed as part of a 1031 exchange.
The site at Block 78, Lot 19 includes zoning for both commercial and residential development with 16 acres designated for commercial use and 11 acres for residential use, the news release said. Permitted uses on the commercial portion of the property include restaurants, office buildings and light manufacturing.
“This property had been in the same family for over 40 years,” Lanni said. “Through our exclusive marketing efforts, we successfully secured an all-cash buyer in a relatively short period of time.”
