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Zimmel Nets $11M of Office, Industrial Sales

EDISON, NJ-The four separate transactions spanned Northern and Central New Jersey, with the largest in Rahway netting over $4 million.

By Alyson Grala | Updated on May 07, 2010

EDISON, NJ-Locally based Zimmel Associates has inked four separate office and industrial sales in Northern and Central New Jersey for a total of $11.1 million. The firm’s president, David Zimmel, brokered each of the transactions, three of which were exclusive listings.

In the first deal, investors Matthew Cholankeril picked up 16000 Saint Georges Ave. in Rahway, NJ for upward of $4 million. The 33,000 square-foot office building was the first property constructed for developer Steven Denholtz, president of Denholtz Associates, in the early 1980s. Zimmel sold the land to Denholtz in 1981 and the building became the development company’s headquarters up until its recent relocation to Matawan, NJ. Zimmel has exclusively handled the building for about three decades. “We put it on the market and David sold it within one month,” Denholtz tells GlobeSt.com. The new owner is now retaining Zimmel Associates as exclusive leasing agent for the remaining 10,000 square feet of available office space.

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