By Joshua Burd
A private investor has paid $6.2 million for a Red Bank office building, in the largest of four newly announced transactions by The Kislak Co. Inc.
In a news release, the brokerage firm said it represented the seller at 151 Bodman Place, a 29,200-square-foot property along the Navesink River. The four-story structure, known as the Coastal Building, is minutes from the borough’s downtown and train station, offering on-site building management and parking.
Kislak Senior Vice President Daniel Lanni completed the assignment.
Elsewhere in Red Bank, the veteran broker arranged the $1.325 million sale of a 4,935-square-foot commercial building at 95-97 Broad St. The property was fully leased at the time of closing.
“2020 has been a challenging year for sure,” Lanni said. “However, investment real estate sales in Monmouth County remain consistently strong and investor demand has never been greater in my 10 years working the market. Buyers are taking advantage of historically low interest rates and sellers are benefiting from record sale prices, a true win-win.”
Kislak also announced two of Lanni’s other recent investment sales in Monmouth County, including a $2.47 million transaction at 345 Morris Ave. in Long Branch. Known as the Morris Mews, the property features 18 garden apartments in a two-story residential complex with a recently renovated timberline roof, along with a large private parking lot and a two-basement laundry room.
The building is also within walking distance of a nearby elementary school, community college and medical center.
In Freehold, Lanni brokered the sale of 71 West Main St. for $1.45 million. The recently updated, three-story office building houses 16 tenants across roughly 14,400 square feet, with recent improvements such as a repaved parking lot, a new roof and plumbing upgrades.
