122-250 Park Ave. in Manalapan — Courtesy: CBRE
By Joshua Burd
A developer has sold a nine-building, 84,000-square-foot industrial and flex park in Manalapan, in a nearly $8.6 million deal announced by CBRE.
Brokers with the firm on Tuesday detailed the sale of Manalapan Tech Park, a complex off Route 33 at 122-250 Park Ave. The developer sold the 13-year-old property to 120 Park SD LLC, CBRE said, touting the $8.58 million deal as one of the highest recorded per-square-foot sales in Manalapan for the industrial and flex product type.
CBRE first vice presidents Charles Berger and Elli Klapper, along with Associate Mark Silverman, represented the seller in the transaction.
“Our Tri-State Investment Properties team is proud to have achieved record-breaking pricing with an aggressive in-place cap rate for a mixed-use facility such as this, while at the same time allowing the buyer ample opportunity to take advantage of the value-add potential in stabilizing the asset, which is currently about 70 percent occupied,” Berger said. “This is a secure investment similar to multifamily, as the new ownership isn’t dependent on any individual tenants because the tech park has 54 separate units.
“This sale highlights our team’s ability to showcase a property’s unique upside opportunities in order to achieve maximum value for our clients.”
Each of the nine buildings in Manalapan Tech Park houses six independently metered units, each consisting of warehouse and office space. The property, which has tenants ranging from distribution to light manufacturing, offers direct access to both the New Jersey Turnpike and the Garden State Parkway.