New York Investor Acquires 132K SF Tinton Falls Office Building
“The purchaser believes strongly in the central New Jersey market for multi-tenanted office space and this building’s close proximity to the Garden State Parkway and major metro areas made it very attractive,” says Kislak's Barry Waisbrod.
TINTON FALLS, NJ—New York-based investor Apple Street Holdings has acquired 106 Apple Street in Tinton Falls, NJ, a 132,272 square-foot office building, for $14.25 million.
The Kislak Company marketed the property on an exclusive basis on behalf of the seller, Reidhass, a longtime client. Kislak senior vice president Barry Waisbrod handled the assignment and procured the purchaser.
The multi-tenanted office building consists of two attached structures on a 10.4-acre site. One side includes a three-story building with 67,272 square feet built in 1971. The other side includes a two-story building with 65,000 square feet built in 1986. Together, the attached structures total 132,272 square feet. The gross leasable area is 124,671-square-feet.
“The purchaser believes strongly in the central New Jersey market for multi-tenanted office space and this building’s close proximity to the Garden State Parkway and major metro areas made it very attractive,” says Waisbrod.
At the time of closing, the building was approximately 89% occupied.
Both structures have appealing features inclusive of many windows allowing for abundant natural light, newly renovated restrooms, newly carpeted and painted common areas, large, beautiful lobbies, a brand new fitness center, more than 550 parking spaces and an outdoor seating area. Other amenities include on-site management, janitorial services, major mailing and delivery service drop boxes, and multiple sources of high speed internet connectivity.
With easy access to major highways, the buildings are situated on the eastern side of Monmouth County, just off Exit 109 on the Garden State Parkway within 30 minutes’ drive of Newark-Liberty International Airport and approximately one hour from New York City and Philadelphia.
Tinton Falls is an expanding market with a growing population located in the heart of Monmouth County, which is home to state-of-the-art communication and utility networks, making it a prime choice for large corporations, innovative startups, tourism, entertainment and retail businesses.