100 Matawan Road in Matawan — Courtesy: CBRE
By Joshua Burd
A partnership led by Denholtz Associates has sold a nearly 134,000-square-foot office building in Matawan for $19.75 million, according to brokers with CBRE who completed the deal.
The real estate services firm on Wednesday said it represented Denholtz in the sale at 100 Matawan Road, while also procuring Signature Acquisitions as the buyer. The new owner plans to re-lease space that was vacated by its largest tenant, iCIMS, which has a significant remaining lease term but recently moved to Bell Works in Holmdel, along with other vacant space in the building.
Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale completed the deal on behalf of CBRE, noting that Denholtz has completed more than $1.6 million in improvements since 2015.
“Ownership worked diligently to execute the building improvements that led to the long-term lease with iCIMS and other tenants,” Dunne said. “Signature Acquisitions hopes to bring this to the next level by backfilling the iCIMS sublet space along with lease up of the vacant space.”
Located directly off the Garden State Parkway, the building.”
Improvements to the building, which sits directly off the Garden State Parkway, include upgraded common areas and lobbies, exterior improvements, restroom renovations and HVAC upgrades, CBRE said. The building also features outdoor terraces on each floor, as well as a light-filled atrium.
The building is 85 percent leased, including iCIMS’ remaining term. CBRE said the tech company’s former space features above standard finishes, while noting that there are more than 6.8 million square feet of leases expirations over the next three years in neighboring submarkets.
“Signature Acquisitions continues to be one of the most active investors in our market and this purchase compliments the assets they own in Clark and Cranford while giving them a greater presence in Central New Jersey,” Neuer said.