Real Estate Journal — New Jersey — January 11 - 24, 2019 — 3B
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LARK, NJ —Full-ser- vice real estate com- pany Mountain De- Zimmel Associates consults for the seller MDC&Bukiet sell 67 Walnut Avenue for $10.525 million C
a section of the MARE Real Estate Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 Fax: 781-740-2929 www.marejournal.com New Jersey “Strong demand for office space in proximity to transit and with upgraded amenities are driving more real estate in- vestors to acquire properties in suburban locales,” said Ozturk, velopment Corp. (MDC) and joint-venture partner Bukiet Building and Management Co., LLC (Bukiet) have recently sold 67 Walnut Ave., a 76,000 s/f five-story office building in Clark. The multi- tenanted Union County build- ing was traded to a private investor for $10.525 million. MDC and Bukiet purchased the building in 2015 and have completed a series of capital improvements – including a new roof, new parking lot, new elevators, HVAC updates and the addition of a “grab and go” café – in order to maintain the building’s competitive advan- tage in the marketplace. 67 Walnut Avenue was 97% oc- cupied at the time of sale. “Over a three-year period, 67 Walnut Avenue’s occupancy increased from 75% to nearly 100%,” said Michael Bukiet . “This leasing momentum is a testament to the quality of the asset, as well as MDC’s exper- tise in coordinating a successful capital improvement strategy.” The Marcus & Millichap team of Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero represented the seller in the transaction. The sale was further assisted by David Zimmel of Zimmel Associates , who consulted for the seller.
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67 Walnut Ave.
VP of Marcus & Millichap. “These assets continue to be a highly sought-after investment type in our region. In the case
of 67 Walnut Avenue, we expe- rienced a substantial amount of interest from a range of potential buyers.”
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