By Joshua Burd
TFE Properties has sold a hotel in Toms River after more than three decades, citing interest from buyers seeking to convert part of the property to commercial space.
The East Windsor-based firm and Hotels Unlimited, a division of the company, said last week that it had completed the trade of the Ramada at 2373 Route 9. It did not identify the buyer, although a report by Shorebeat describes an entity listed Westwood Two LLC, which proposed to repurpose 100 rooms to executive offices while maintaining the hotel’s extended stay portion.
Terms were not disclosed.
“We thank all of our patrons and guests for 32 years of business,” TFE President Carey Tajfel said. “Our decision to sell the Ramada was based on significant interest in converting the building to meet the office needs of the local community. We have built many happy memories and deep ties within the Toms River area, and these ties will grow as we continue to operate the nearby Days Hotel Toms River and Hilton Garden Inn Lakewood hotels.”
The firm disclosed the deal while also announcing several acquisitions. They include an undisclosed amount of medical office space at 970 Hooper Ave., also in Toms River, along with an office building at 500 Craig Road in Manalapan and The Fields Sports Complex in East Brunswick.
The Fields is fully occupied, but 500 Craig Road currently has four vacant spaces totaling about 15,000 square feet, with current tenants including American Financial Network, Integrated Media Solutions and others, according to a news release. Meantime, 970 Hooper has two vacant spaces totaling about 13,000 square feet, with current tenants including CityMD and Fresenius Medical Care.
TFE Properties plans to renovate both office buildings.
