The Century Office Park in Manalapan — Courtesy: NAI Mertz
By Joshua Burd
A three-building, 78,000-square-foot office portfolio in Manalapan has changed hands for more than $5 million, following a deal arranged by NAI Mertz.
The real estate services firm announced Tuesday that it brokered the sale of 100, 200 and 300 Craig Road, which sit within the Century Office Park off Route 9. A local investment buyer acquired the trio of two-story properties for $5.2 million.
NAI Mertz Senior Vice President Jonathan Klear and Executive Vice President Fred Meyer completed the transaction.
“This is the second transaction we have completed on behalf of this seller in just a short 12-month timeframe,” Klear said. “At NAI Mertz, we take great pride in cultivating relationships with our clients and work diligently to provide informed market insights so as to enable them to make the best decisions.”
Klear and Meyer have also inked several new leases at the properties, bringing occupancy to 70 percent prior to concluding the sale. They added that the buildings have newly renovated lobbies and parking for more than 300 cars, with access to a host of nearby shopping and dining amenities.
“In addition to completing this portfolio sale, we are pleased to have leased space to new tenants and making this a more attractive deal to the buyer,” Meyer said. “Monmouth County is continuing its growing popularity as a destination for business, tourism and residents alike, and we are glad to be bringing investors and new companies to the area.”
