ZIMMEL BROKERS TWO OFFICE BUILDING SALES TOTALING $13.5 MILLION
David Zimmel Arranges Sale of 14 Cliffwood Avenue, Matawan, NJ
to Edison-based Law Firm in 1031 Exchange
May 3, 2016, Edison, NJ—David Zimmel, president of Zimmel Associates, the Edison, NJ-based corporate real estate services firm, continues his track record of finding solutions for investment-minded clients with two transactions recently brokered for the law firm of Methfessel and Werbel, also of Edison, NJ.
In the most recent transaction, Zimmel handled Methfessel and Werbel’s purchase of 14 Cliffwood Ave, Matawan, NJ, in a 1031 exchange. The 48,000 sq. ft., three-story, fully net-leased Class-A office building is located just off of exit 120 of the Garden State Parkway and sold for $9 million. The seller, Denholtz Associates, Matawan, NJ, is a real estate development, investment and management company with a multi-state portfolio of office and industrial properties.
“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,” explains Zimmel.
Prior to Methfessel and Werbel’s purchase of 14 Cliffwood Avenue, Zimmel brokered the law firm’s sale of Three Ethel Road, a 32,000 sq. ft. office building in Edison, NJ, to buyer, Suvisri, LCC for $4.5 million. Methfessel and 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,” adds Zimmel. “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.”
About Zimmel Associates: Zimmel Associates is an Edison, NJ-based commercial real estate services firm that provides fully integrated brokerage, consulting, investment and property management services for local, regional and national clients. Established in 1986, Zimmel Associates represents more than five million sq. ft. of exclusive office, industrial and flex space throughout New Jersey. For more information, visit www.Zimmel.com.