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.”
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
“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.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
