By Joshua Burd
Mack-Cali Realty Corp. is seeking a buyer for a fully leased, 188,400-square-foot office building in Neptune, brokers with Newmark Knight Frank announced Tuesday.
The real estate investment trust has hired NKF to conduct the sale of the property, which sits at 3600 Route 66 just off the Garden State Parkway. Offering visibility from Route 66, the four-story complex is 100 percent leased to four tenants.
The NKF team of Executive Managing Director Steven Schultz and managing directors Tony Georgiev and Adam Silver is representing Mack-Cali.
“We are pleased to offer 3600 Route 66 to prospective buyers on the search for a valuable office property that continues to be promising in the market,” Schultz said. “This well-maintained property has long served as an ideal location to enable executives looking to grow their businesses as the quality of the amenities in the building and its proximity to a wide array of other vibrant municipalities in New Jersey is certain to continue attract skilled local talent.”
In a news release, NKF highlighted the property’s on-site full-service cafeteria, a four-story atrium, 100 percent back-up power and abundant surface parking space. The building also offers quick access to routes 18, 33, 34 and 35, along with restaurants, hotels, the Jersey Shore Premium Outlets and Seaview Square Shopping Center.
The building’s four tenants have a weighted average remaining lease term of 5.3 years, NKF said.
“Buyers will benefit from rising fundamentals, which will make this property a strong, stable asset that will only grow their income stream,” Silver said. “The office market has seen increased tenant demand and not enough new office construction, resulting in an 8.8 percent growth in average asking rent in this submarket over the past two years. This property, in particular, has consistently outperformed the submarket with a high average occupancy rate for more than two decades.”