1800-1836 West Lake Ave. in Neptune Township — Courtesy: Weiss Realty Inc.
By Joshua Burd
Investors have paid $8.6 million to acquire a nearly 50,000-square-foot office building in Monmouth County, according to executives with CBRE and Weiss Realty Inc.
In separate announcements recently, the firms said that West Lake Neptune LLC and West Lake Neptune 11 LLC had purchased the property at 1800-1836 West Lake Ave. in Neptune Township. Built in 2010, the three-story building is leased to Hackensack Meridian Health, the state Department of the Treasury and West Lake Pharmacy.
Debt and finance brokers with CBRE’s capital markets team arranged $6 million in permanent financing on behalf of the two-member tenants-in-common structure, the firm said. James Gunning, Donna Falzarano and Kyle Saviano of CBRE’s Saddle Brook office secured the 10-year permanent loan from Natixis, which offered two years of interest only and followed an extensive marketing process that drew interest from CMBS and regional banks.
Fred Meyer of NAI Mertz and Jack Sudia of NAI Atlantic Coast Realty were the exclusive brokers and the Meyner and Landis Law Firm of Newark represented the seller, a private entity. Saverio Cereste of Fort Lee and William Schmidt of West Orange represented the buyer, an entity managed by Weiss Realty of Moonachie.
The property sits in Neptune’s West Lake Redevelopment District, which was created to spur economic development within the township. Its location sits at the intersection of Route 35 and West Lake Avenue, just minutes from Routes 18 and 33.
“With its proximity to Hackensack Meridian Health, Jersey Shore University Medical Center, we recognized that the property’s strength and attractiveness in the medical office space market in the West Lake Avenue Redevelopment District,” said Jaime Weiss, president of Weiss Realty. “It represented a great buying opportunity as a strong asset in a key market.
“The property is ideally situated in a thriving medical office environment that has seen explosive growth over the past decade and we are clearly excited to a property owner in Neptune Township.”