MATAWAN, NJ—Edison law firm Methfessel & Werbel has acquired 14 Cliffwood Avenue, Matawan, NJ, from real estate development firm Denholtz Associates for $9 million in a 1031 exchange.
The 48,000 square foot, three-story, fully net-leased class-A office building is located just off of Exit 120 of the Garden State Parkway.
“Transactions known as 1031 exchanges allow buyers to defer capital gains tax when the proceeds of a property sale are reinvested into a like-kind property of similar or higher value,” says David Zimmel, president of Zimmel Associates, the Edison, NJ-based corporate real estate services firm that brokered the transaction. Zimmel also brokered the law firm's sale of Three Ethel Road, a 32,000 square foot office building in Edison, NJ, to Suvisri, a business services firm, for $4.5 million.
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