Newmark Knight Frank, a real estate advisory firm with offices throughout New Jersey, announced Monday the sale of a Class A office property in Neptune for $26 million of behalf of Jersey City-based Mack-Cali Realty Corp., the building’s current owner.
The four-story, 188,408-square foot property is located on 14.6 acres at 3600 Route 66. It is situated just off the Garden State Parkway and is within close access to the Jersey Shore Premium Outlets and the Seaview Square Shopping Center.
“We are very excited with the acquisition and enjoyed working with the NKF team,” said Phil Proetto, principal at Aspen Real Estate, and Mark Devli, chief investment officer at Devli Real Estate. Aspen and Devli acquired the building in a joint venture.
NKF’s Steven Schultz, executive managing director; and Tony Georgiev and Adam Silver, managing directors; represented Mack-Cali in the deal.
“This property presented a great opportunity for the Aspen-Devli team to add a best-in-class, energy efficient trophy asset,” Schultz said. “The market, which has 5.8 million square feet of Class A office space, has seen an 8.8% increase in average asking rent over the last two years, in addition to positive net absorption.”
The building is currently 100% leased to four global tenants, NKF said.
“Monmouth County is an active market with so much to offer, particularly to office tenants looking for space that is easily accessible via mass transit near restaurants, shopping centers and hotels,” Silver said. “This premier building is well-located in the heart of that activity with high visibility from Route 66.”