4B — June 10 - 23, 2016 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey KABR sells property to the Torsiello Organization Cushman&Wakefieldinkssale of New Jersey office building
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ANALAPAN, NJ — Cushman & Wake f i e ld has completed the sale of Justin Corporate Center I, a two- story, 40,000 s/f office build- ing in Manalapan, Mon- mouth County. The firm’s East Rutherford, NJ-based Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabri- el, Brian Whitmer, An- drew Schwartz and Ryan Larkin represented seller KABRGroup , and procured the buyer, the Torsiello Organization . M
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Justin Corporate Center I
“This property was on the market for a short amount of time and attracted a con- siderable amount of inter- est,” said Schwartz. “We conducted numerous tours, with several bidders demon- strating their interest in this opportunity.” Located at 198 Rte. 9 North, Justin Corporate Center I was originally con- structed in 1985. The prop- erty recently underwent significant improvements to its lobby and other public areas, parking lot, HVAC system, and the addition of a conference room. It was 94% occupied at the time of sale with a total of 12 profes- sional tenants in the finan- cial services, healthcare and publishing fields “Justin Corporate Center serves as a terrific example of how KABR adds value to assets that others over- look,” said Michael Gold- stein , managing director – finance and acquisitions at the KABR Group. “The sale of the second Justin building now brings full circle to our story with this asset.” “The building’s visibility and accessibility on busy Rte. 9, and the fact that it is a well- leased, stabilized property all contributed to the amount of interest in this opportu- nity,” said Schwartz. “From the Torsiello Organization’s perspective, this acquisition made a great deal of sense because it is a high-quality, well-maintained asset, and from a geographical stand- point, it fits well in their port- folio. It has proximity to their Edison, NJ headquarters – from which the firm man- ages and operates a portfolio of nearly one million square feet of space.” n
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