14 Cliffwood Ave. in Matawan — Courtesy: Zimmel Associates
By Joshua Burd
A logistics services firm has purchased a 46,000-square-foot office building in Matawan for $7.6 million, in a newly announced deal by Zimmel Associates.
According to the brokerage team, White Star Logistics will occupy 4,000 square feet on the second floor of 14 Cliffwood Ave. while leasing out the remaining space. The transaction came after Zimmel Associates’ David Zimmel represented an undisclosed seller at the 15-year-old, three-story building off Garden State Parkway Exit 120.
Zimmel Associates, which will also be the building’s leasing broker going forward, said a 5,000-square-foot commitment for the ground floor is pending.
“We are thrilled to have played a role in this significant transaction,” said David Zimmel, president and co-founder of Zimmel Associates. “Our team worked diligently to find the right buyer for this property, and we are confident that the new owner will be successful in their plans for the building.”
Built in 2008 by Denholtz Properties, 14 Cliffwood has a large atrium, 24-hour access, 139 parking spaces and 50 covered spaces, according to a news release. Zimmel has been its leasing broker since the building’s construction, having also arranged a previous trade of the property in 2017 as part of a Section 1031 exchange.
