Zimmel Associates on Wednesday said it successfully closed the sale of a 46,000-square-foot, three-story office building for $7.6 million to White Star Logistics. The property, built in 2008 by Denholtz Properties, is located at 14 Cliffwood Ave. in Matawan and features a large atrium, 24-hour access, 139 parking spaces and 50 covered spaces.
Zimmel has been the exclusive leasing broker since the building’s construction. In 2017, Zimmel sold the building as a 1031 exchange.
Due to corporate office relocation, the owners decided to sell the building. As the exclusive broker, Zimmel Associates aggressively marketed the building, seeking a user investor.
David Zimmel, co-founder and president of Zimmel Associates, came across White Star Logistics, which provides a range of supply-chain management services, including transportation, warehousing and distribution. White Star works with companies of all sizes across various industries to improve logistics operations and reduce costs. Their services can include transportation management, order fulfillment, inventory management and reverse logistics.
White Star not only purchased the building, but will be occupying 4,000 square feet on the second floor. Zimmel Associates has been retained as the exclusive leasing broker going forward.
A 5,000-square-foot lease is pending on the ground floor.
“We are thrilled to have played a role in this significant transaction,” Zimmel said. “Our team worked diligently to find the right buyer for this property, and we are confident that the new owner will be successful in their plans for the building.”
The sale of this property is a testament to the strong demand for commercial real estate in the Matawan area and the expertise of the Zimmel Associates team.
Matawan is a popular town with a vibrant community and easy access to major cities like New York and Philadelphia. This property in Middlesex County is located directly off the Garden State Parkway Exit 120, and close to all major highways.