EDISON, NJ-A 58,000-square-foot office in the Durham Center here was sold off-market for more than $6 million.
David Zimmel, president of Zimmel Associates, arranged the 1031 tax-exchange deal for the buyer of One Ethel Road within the five-building office complex.
With a 1031 exchange, sellers can defer taxes on the sale of real estate held for business or investment purposes if they re-invest in like-kind property within a certain timeframe.
The buyer in this transaction, Fox and Foxx Development, is an Edison-based commercial and residential real estate development company. Its principals asked Zimmel to locate an investment property in a specific price range.
Zimmel represented both Fox and Foxx and the seller, New Durham Associates, when the transaction occurred. Zimmel had been the exclusive leasing agent for the sellers of the building, which is 100% leased. He is to continue as agent for the building as Fox and Foxx converts it to eight office condominiums.
“We have just sold two 5,000 sq. ft. units to existing tenants and anticipate that a 3,000-square-foot unit will become available soon,” says Zimmel.
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