LAKEWOOD, NJ–HFF has closed the sale of a 74,400-square-foot industrial flex facility in Lakewood, NJ.
HFF marketed the property on behalf of the seller, LNR Property LLC of Miami Beach, FL. Cedar Group of NJ LLC, Lakewood, NJ, purchased the center free and clear of existing debt for an undisclosed amount.
The asset is situated on 6.28 acres at 150 Oberlin Avenue just off Route 623, approximately one mile from the Garden State Parkway and two and a half miles from Route 9. The multi-tenant facility is in the Ocean County industrial submarket, which is one of the closest distribution hubs to service the Jersey Shore in addition to being less than one hour from Newark Liberty International Airport and Port Elizabeth/Newark. Renovated in 2000, the building has 24,000 square feet of industrial space and 50,400 square feet of office space and features 20'-28' clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces. Tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County.
Managing director Michael Nachamkin led the HFF investment sales team, along with senior managing director José Cruz, managing director Kevin O'Hearn and real estate analyst Jordan Avanzato.
“We were pleased with the results of running the process for the seller and attracting a lot of bidders for the property,” says Nachamkin. “The end result was a smooth transaction with a quick closing.”
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