NAI DiLeo-Bram arranges 49K-square-foot transaction
By: Jessica Perry
NJ Biz
October 3, 2022 2:54 pm
With a location that boasts accessibility to CentraState Medical Center, Raritan Bay Medical Center and the Monmouth County Courthouse, a Class A office building in Monmouth County sold for $4.3 million.
Woodbridge-based NAI DiLeo-Bram & Co. announced the sale Sept. 29 with Senior Vice President Marc Shein arranging the transaction for the 49,000-square-foot building located at 500 Craig Road in Manalapan to East Windsor-based TFE Properties.
According to the firm, Shein exclusively represented the unnamed seller, whom he also represented in its purchase of the property at 500 Craig Road almost 25 years ago.
“We utilized the TenX commercial real estate auction platform, which enabled us to cast a wider net and reach an expanded investor audience,” said Shein in a statement. “As a result, we successfully procured a buyer through the auction process that allowed us to close within a short period of time. All due diligence was completed in advance of the contract being executed, so once the auction process was completed, it was a firm deal. Our client was extremely pleased with the streamlined nature of the entire transaction.”
Shein noted the property was approximately 60% leased at the time of sale.
Located minutes from Routes 9, 18 and 33, the two-story, elevatored building offers training and conference facilities in addition to lower-level space with additional offices and storage. It also provides four parking spaces per 1,000 square feet and high-end finishes. Recent upgrades include a new façade and all-glass lobby entrance, new HVAC system and LED lighting. NAI DiLeo-Bram said the building was built in 1986.
TFE Properties’ portfolio includes hotels, office buildings and retail properties.