KABR Sells Monmouth County Office Property to the Torsiello Organization

Justin Corporate Center I, 198 Route 9 North, Manalapan, NJ

MANALAPAN, NJ—KABR Group has sold its Justin Corporate Center I , a two-story, 40,000-square-foot office building in Manalapan, Monmouth County, to the Torsiello Organization . “ Justin Corporate Center serves as a terrific example of how KABR adds value to assets that others overlook,” says Michael Goldstein , managing director – Finance and Acquisitions at the KABR Group . “The sale of the second Justin building now brings full circle to our story with this asset.” Located at 198 Route 9 North , Justin Corporate Center I was originally constructed in 1985. The property recently underwent significant improvements to its lobby and other public areas, parking lot, HVAC system, and the addition of a conference room. It was 94 percent occupied at the time of sale with a total of 12 professional tenants in the financial services, healthcare and publishing fields. “This property was on the market for a short amount of time and attracted a considerable amount of interest,” says Andrew Schwartz of the East Rutherford, NJ-based Cushman & Wakefield Metropolitan Area Capital Markets Group team that closed the deal. “We conducted numerous tours, with several bidders demonstrating their interest in this opportunity.” Also participating from Cushman & Wakefield were Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, and Ryan Larkin represented KABR and identified the buyer. “The building’s visibility and accessibility on busy Route 9, and the fact that it is a well-leased, stabilized property all contributed to the amount of interest in this opportunity,” says Cushman & Wakefield’s Schwartz . “From the Torsiello Organization’s perspective, this acquisition made a great deal of sense because it is a high-quality, well-maintained asset, and from a geographical standpoint, it fits well in their portfolio. It has proximity to their Edison, NJ, headquarters – from which the firm manages and operates a portfolio of nearly one million square feet of space.”