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.
“Methfessel & Werbel had retained ownership of Three Ethel Road after relocating,” says Zimmel. “We served as the exclusive leasing agent and presented the offer to buy from a new tenant. They accepted the offer and wanted to use the proceeds in a 1031 exchange. It was a challenge because they wanted to invest in a highly marketable local office building, preferably one that was fully leased. Not too many of those are for sale in today's marketplace. Our knowledge of the market facilitated an offer to Denholtz Associates for 14 Cliffwood Avenue in Matawan and we closed the deal.”
MATAWAN, NJ—Edison law firm
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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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].
