Edison Law Firm Methfessel & Werbel Buys Matawan Office in 1031 Exchange

MATAWAN, NJ—Edison law firm Methfessel & Werbel has acquired 14 Cliffwood Avenue, Matawan, NJ, from real estate development firm Denholtz Associates for $9 million in a 1031 exchange.

The 48,000 square foot, three-story, fully net-leased class-A office building is located just off of Exit 120 of the Garden State Parkway.

“Transactions known as 1031 exchanges allow buyers to defer capital gains tax when the proceeds of a property sale are reinvested into a like-kind property of similar or higher value,” says David Zimmel, president of Zimmel Associates, the Edison, NJ-based corporate real estate services firm that brokered the transaction. Zimmel also brokered the law firm's sale of Three Ethel Road, a 32,000 square foot office building in Edison, NJ, to Suvisri, a business services firm, for $4.5 million.

“Methfessel & Werbel had retained ownership of Three Ethel Road after relocating,” says Zimmel. “We served as the exclusive leasing agent and presented the offer to buy from a new tenant. They accepted the offer and wanted to use the proceeds in a 1031 exchange. It was a challenge because they wanted to invest in a highly marketable local office building, preferably one that was fully leased. Not too many of those are for sale in today's marketplace.  Our knowledge of the market facilitated an offer to Denholtz Associates for 14 Cliffwood Avenue in Matawan and we closed the deal.”

MATAWAN, NJ—Edison law firm Methfessel & Werbel has acquired 14 Cliffwood Avenue, Matawan, NJ, from real estate development firm Denholtz Associates for $9 million in a 1031 exchange.

The 48,000 square foot, three-story, fully net-leased class-A office building is located just off of Exit 120 of the Garden State Parkway.

“Transactions known as 1031 exchanges allow buyers to defer capital gains tax when the proceeds of a property sale are reinvested into a like-kind property of similar or higher value,” says David Zimmel, president of Zimmel Associates, the Edison, NJ-based corporate real estate services firm that brokered the transaction. Zimmel also brokered the law firm's sale of Three Ethel Road, a 32,000 square foot office building in Edison, NJ, to Suvisri, a business services firm, for $4.5 million.

“Methfessel & Werbel had retained ownership of Three Ethel Road after relocating,” says Zimmel. “We served as the exclusive leasing agent and presented the offer to buy from a new tenant. They accepted the offer and wanted to use the proceeds in a 1031 exchange. It was a challenge because they wanted to invest in a highly marketable local office building, preferably one that was fully leased. Not too many of those are for sale in today's marketplace.  Our knowledge of the market facilitated an offer to Denholtz Associates for 14 Cliffwood Avenue in Matawan and we closed the deal.”