Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Two Office Buildings Located In Union, New Jersey

07/14/2014

Two adjacent office buildings known as the Morris Avenue Professional Center, located at 1185 and 1191 Morris Avenue in Union, New Jersey, were recently sold.

The three-story buildingsconsist ofapproximately 18,624 square feet.  1185 Morris Avenue, known as the Imperial Building, contains approximately 11,000 square feet and features recently renovated common areas and flexible floor layouts accommodating tenants of all sizes. The Regency Building, located at 1191 Morris Avenue contains approximately 7,500 square feet and was completely renovated in 2011.

The properties are well-located for commuters and are within walking distance of the Union NJ Transit railroad station, providing service to Manhattan and throughout New Jersey.  Additionally, the buildings are easily accessible from the Garden State Parkway, Interstate 78, and U.S. Route 22.  A variety of retail shops and restaurants as well as Kean University are in close proximity and Newark Liberty International Airport is only six miles away.

“We received multiple offers for this property due to our extensive marketing campaign. The property was sold to a New York based owner who was looking to complete a 1031 exchange,” said Massey Knakal’s David Simon, Executive Managing Director, New Jersey, who exclusively represented the seller in this transaction with Chairman Bob Knakal and Johnathan Kristofich.

The buyer was represented by William F. Gilsenan Jr, of Gilsenan & Company, LLP.

Massey Knakal is a diversified real estate company, exclusively representing owners in the sale, retail lease and financing of their properties. With over 150 employees, four offices and thorough coverage of the five boroughs of New York City, Westchester County, Long Island and New Jersey, Massey Knakal dominates the New York metropolitan area's property transaction marketplace.  For over two decades, Massey Knakal has focused on building strong relationships within the neighborhoods we represent and developing an extensive database of customers that includes all of the major investors, institutions, agencies and individuals that are active in real estate in the area. Our dedication to neighborhood knowledge and relationship building is a source of continuing pride and success for Massey Knakal, and through our Territory System™, our agents have partnered with owners throughout the city to close over 4,700 transactions, with an aggregate value in excess of $19 billion since 1988.http://www.masseyknakal.com

07/14/2014 - 09:42

Source

Cushman & Wakefield Capital Markets Group New York

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