FREEHOLD, NJ-The signing of three more leases at Freehold Commons, the 40,000-square-foot office building near the Monmouth County Courthouse, is a further sign that its recent renovation is succeeding, according to its lender.
Real estate companies First American Title and New Century Planning Associates and law firm Javerbaum Wurgaft Hicks Kahn Wikstrom & Sinins have agreed to join the property, which now has 24,478 square feet remaining available.
“The next newest building in Freehold is 25 years old,” another leasing advantage, says William “Billy” Procida, president of Procida Funding, which provided $4 million in financing to the project through its 100 Mile Fund.
Freehold Commons was partially completed in 2009, and the financing provided by Procida enabled the owner to complete the property’s landscaping and interior design. CBRE first VP Suzanne Macnow and senior associate Patricia Riedel are handling the leasing assignment for the TAK Group, which owns the property.
“We’re not your normal lender,” Procida says. Procida’s 30 years of development experience also keeps him involved in all aspects of the building, he says. “I help with PR. I helped decorate the lobby. I helped select the catering for the grand opening party. I like my clients to be successful.”
Freehold Commons is located at 83 South St., in the heart of downtown and close to the Hall of Records as well as the courthouse, making it a particularly good location for more law firms, Procida notes.
Procida says that two or three more tenant announcements should be coming shortly. Rents are in the $16 per square foot to $17 per square foot range. The building is doing so well it’s getting interest from buyers, he adds, seeking quality properties at literally half the replacement cost of new development.
“We’ve got the best building in town,” he says. “We’re very optimistic.”
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