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AVENEL and BRANCHBURG, NJ—An 85,000-square-foot warehouse at 18 Engelhard Ave., Avenel, NJ, and a two-story office building in Branchburg, NJ have changed hands for a combined $12.6 million, in transactions brokered by Edison, NJ-based Zimmel Associates.
David Zimmel, CEO, Zimmel Associates, arranged the transactions. In the Avenel warehouse transaction, Zimmel represented the seller, Fleet Street, a privately held distribution company based in New York, NY, and the buyer, 18 Engelhard Ave. LLC, in the transaction.
“Fleet Street awarded us the exclusive to market the building based on our high level of activity in the New Jersey industrial market,” says Zimmel. “It has a lot to offer including quick access to Exit 12 of the New Jersey Turnpike, 7,500 square feet of office space, eight loading docks and 22-foot ceilings.
“Not too many buildings like this come on the market and demand is high, so we had numerous offers quickly,” says Zimmel. “Fleet Street wanted the ability to remain in the office space portion of the building for five years. We were able to find a buyer that did not need the office space area for their operation.”
The buyer will use the warehouse for the distribution of items such as tea, coffee, non-perishable grocery, and other goods.
In the second transaction, Zimmel brokered the sale of 3421 Rt. 22 East, a 64,000 square-foot two-story office building in Branchburg, NJ, for $3 million. The seller is Somerset Thor Building Realty Holdings. The buyer is Cyzner Properties of Green Brook, NJ, a private commercial real estate development company that has diversified holdings throughout the state.
“We were hired by the court to market and sell the building. It had been vacant for about two years and was in receivership.” says Zimmel. “We presented the building to Cyzner Properties as a prospective 1031 exchange as they had recently sold some real property assets, and we thought it would be a good fit for their portfolio.
It is a beautiful brick elevator building situated on 25 acres that front Route 22. It has tremendous potential.”
This article originally appeared on GlobeSt.com
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