LAKEWOOD, NJ–HFF has closed the sale of a 74,400-square-foot industrial flex facility in Lakewood, NJ.
HFF marketed the property on behalf of the seller, LNR Property LLC of Miami Beach, FL. Cedar Group of NJ LLC, Lakewood, NJ, purchased the center free and clear of existing debt for an undisclosed amount.
The asset is situated on 6.28 acres at 150 Oberlin Avenue just off Route 623, approximately one mile from the Garden State Parkway and two and a half miles from Route 9. The multi-tenant facility is in the Ocean County industrial submarket, which is one of the closest distribution hubs to service the Jersey Shore in addition to being less than one hour from Newark Liberty International Airport and Port Elizabeth/Newark. Renovated in 2000, the building has 24,000 square feet of industrial space and 50,400 square feet of office space and features 20'-28' clear ceiling heights, nine dock-high doors, nine drive-in doors and 116 parking spaces. Tenants include Ateres Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean County.
Managing director Michael Nachamkin led the HFF investment sales team, along with senior managing director José Cruz, managing director Kevin O'Hearn and real estate analyst Jordan Avanzato.
“We were pleased with the results of running the process for the seller and attracting a lot of bidders for the property,” says Nachamkin. “The end result was a smooth transaction with a quick closing.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
