Freehold industrial property fetches $4.95M, CBRE says

A Freehold industrial property has been sold for nearly $5 million, according to real estate firm CBRE.

The firm said in a news release that the single-story building at 865 Route 33 has 46,000 square feet of gross leasable space on 10 acres. It was sold for $4.95 million by L&M Realty Associates LLC to 865 NJ 33 SD LLC, CBRE added.

A team of Charles Berger, Elli Klapper and Mark Silverman represented the seller and procured the buyer in the deal.

“L&M Realty Associates originally acquired the asset for $3.5 million in 2013,” Silverman said in a prepared statement. “We were able to procure a buyer during the first few challenging weeks of the global pandemic for this off-market deal, on top of being able to secure premium pricing for the property.”