2512 Tiltons Corner Road in Wall Township — Courtesy: Kokes Properties
By Joshua Burd
Kokes Properties has expanded its holdings with the acquisition of a roughly 16,000-square-foot fitness and training facility building in Wall Township.
Located at 2512 Tiltons Corner Road, the net-leased property is currently home to Asylum Sports Center, which serves the southern Monmouth County region. Kokes announced the deal this week, noting that it has sought well-placed acquisitions to help grow its portfolio, despite the economic disruption created by the pandemic.
According to the Brielle-based firm, 2512 Tiltons Corner had been on its radar, but it was not until earlier this year that the company was able to put the property under contract. With interest rates hovering near historic lows, it said that acquiring a high-quality, single-net-leased asset at an attractive cap rate made for a compelling investment.
“Sourcing strong cash-flowing assets in affluent areas like Monmouth County can be notoriously difficult, especially when the real estate market is already hot,” said Clark McIntyre, Kokes’ vice president of operations. “Tiltons Corner has all of the great qualities you look for in a new acquisition: close proximity to three major highways, an open floor plan, high ceilings and a strong credit-worthy tenant. From underwriting to closing, this has been a true team effort every step of the way. We are excited to add this property to our portfolio and have high expectations with respect to its investment potential.”
Steve Richel of Richel Commercial Brokerage represented Kokes Properties in the purchase, which was financed by OceanFirst Bank.