Zimmel Associates announced Aug. 19 the sale of 14 Cliffwood Avenue, a 46,000-square-foot office building in Matawan, to Alliance Health Systems. This is the third transaction Zimmel has brokered for the property since its construction in 2008.
Zimmel Associates has exclusively managed all activity at the building, beginning with its initial sale to Methfessel & Werbel, followed by its purchase by Laser Focus Holdings. When Laser Focus changed plans for its intended headquarters space, it returned to Zimmel to bring the property to market again.
Zimmel had already connected Alliance Health Systems to the property through a 16,300-square-foot lease covering all remaining vacant space, including 9,200 square feet and 2,900 square feet on the third floor and 4,200 square feet on the second floor. The building’s visibility off Exit 120 of the Garden State Parkway and prominent signage made it an ideal choice for Alliance’s long-term growth plans.
Alliance operates a network of health care practices across New Jersey, specializing in orthopedic surgery, physical therapy and outpatient services. Owning 14 Cliffwood Avenue provides a centralized headquarters and flexibility to expand as other leases conclude.
“The ability to secure a property that serves as both a headquarters and a strong foundation for future expansion made this the ideal match for Alliance,” said David Zimmel, president of Zimmel Associates.
The building is now fully leased, with Alliance occupying nearly half the space.
