The Kislak Company, Inc. announced the recent $4.5 million sale of 27 acres along Route 33 in Manalapan. Kislak marketed the property on an exclusive basis on behalf of the seller, Public Equipment Rental Company, Inc., with senior vice president Daniel Lanni handling the assignment. Lanni also procured the purchaser, Menlo 33 Associates III, LLC.
“This property had been in the same family for over 40 years,” said Lanni. “Through our exclusive marketing efforts, we successfully secured an all-cash buyer in a relatively short period of time.”
The property is located at Block 78, Lot 19 in Manalapan with prominent frontage along Route 33 and spans 27 acres. It includes zoning for both commercial and residential development, with 16 acres designated for commercial use and 11 acres designated for residential use.
The transaction was completed as part of an I.R.C. Section 1031 Exchange. Permitted uses on the commercial portion of the property include restaurants, office buildings and light manufacturing. The purchaser intends to develop the property as an industrial/flex property.
Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in Central New Jersey with a particular focus along the Jersey Shore. Mr. Lanni was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019. He has also been recognized by the Mid Atlantic Real Estate Journal as one of its 40 Under 40 in commercial real estate.
