RED BANK, NJ — Marcus & Millichap announced the sale of The Vault, a 24,032 s/f office property located in Red Bank, according to James McGuckin, regional manager of the firm’s New Jersey office. The asset sold for $10.7 million.
Alan Cafiero, Brent Hyldahl and Seth Goldberg, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company.
Cafiero said, “Even in a challenging debt market, all cash 1031 exchange buyers are still looking for high quality trophy assets with long term leases and credit tenants. The Vault possessed all attributes. Not only did the property have long term net leases to multiple credit tenants, but the property is located in the heart of one of New Jersey’s most sought-after downtowns.”
The Vault is located at 55 Broad St.
In a separate transaction, McGuckin announced the sale of 175 Mt Pleasant Ave, Newark, a 31,429 s/f industrial property. The asset sold for $6 million.
Jed Matricaria and Scott Geller, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company. Seth Katz of Legacy Commercial Realty, LLC secured and represented the purchaser.
Matricaria said, “This is a unique asset in that it has a retail showroom, offices, workshop, high bay addition, ceilings of varying heights, and private fenced parking lot. These attributes give the property a lot of versatility, which provided us the opportunity to market to multiple types of investors and owner-users.” Matricaria continued, “Our database of qualified buyers combined with Marcus & Millichap’s national footprint generated multiple offers, allowing us to negotiate seller-favorable terms with the highest price the market would bear.”
Mr. Geller comments “Despite generating multiple offers ourselves, the buyer who stepped up in the end was procured from an outside source. Working with our client’s best interest in mind, we successfully collaborated on this deal and were able to close 12% above the asking price and without a re-trade. We attribute this to our competitive marking process and specialization in the asset type. It was a pleasure to successfully get this deal across the finish line for our clients.”
175 Mt Pleasant Ave is located in Newark, NJ. It was built in 1960 with the original structure containing 22,429SF, and in 2009 a 28-foot, high-bay extension was added to its footprint. It is located one mile from downtown Newark and one block from Route 21.