Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
The longtime owner of a 49,000-square-foot office building in Monmouth County has sold the property for $4.3 million, in a deal arranged by NAI DiLeo-Bram & Co.
Marc Shein, a senior vice president with the brokerage firm, represented the undisclosed seller of the multitenant property off Route 9 in Manalapan. The two-story building is now the latest addition for East Windsor-based TFE Properties, whose portfolio includes hotels, office buildings and retail assets in the area.
The brokerage team did not disclose the Manalapan property’s exact address, but said it’s minutes from CentraState Medical Center, Raritan Bay Medical Center and the Monmouth County Courthouse.
“We utilized the TenX commercial real estate auction platform, which enabled us to cast a wider net and reach an expanded investor audience,” said Shein, who represented the now-former owner in acquiring the property nearly 25 years ago. “As a result, we successfully procured a buyer through the auction process that allowed us to close within a short period of time. All due diligence was completed in advance of the contract being executed, so once the auction process was completed, it was a firm deal. Our client was extremely pleased with the streamlined nature of the entire transaction.”
The building, which was roughly 60 percent leased at the time of sale, is also minutes from routes 18 and 33, according to a news release. Features include training and conference facilities and a full lower level with additional offices and storage space, along with a parking ratio of four spaces per 1,000 square feet.
DiLeo-Bram added that the property, built in 1986, has a host of high-end finishes such as marble flooring, an ornamental stairway and custom woodwork. Recent upgrades range from a new façade with an all-glass lobby entry and HVAC system to LED lighting.
