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| Michael Nachamkin |
FLORHAM PARK, NJ – HFF announced it has closed the sale of a
74,400-square-foot industrial flex facility in Lakewood, a township in eastern
New Jersey.
HFF marketed the property on behalf of the seller, LNR
Property LLC. Cedar Group of NJ LLC
purchased the center free and clear of existing debt for an undisclosed amount.
The asset is situated on 6.28 acres at 150 Oberlin Avenue
just off Route 623, approximately one mile from the Garden State Parkway and
two and a half miles from Route 9.
The multi-tenant
facility is in the Ocean County industrial submarket, which is one of the
closest distribution hubs to service the Jersey Shore in addition to being less
than one hour from Newark Liberty International Airport and Port
Elizabeth/Newark.
Renovated in 2000, the building has 24,000 square feet of
industrial space and 50,400 square feet of office space and features 20’-28’
clear ceiling heights, nine dock-high doors, nine drive-in doors and 116
parking spaces. Tenants include Ateres
Tzipora, NJPD Plumbing & Heating, Dealmed Medical Supplies and Arc of Ocean
County.
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| Kevin O'Hearn |
The HFF investment sales team was led by managing director Michael
Nachamkin along with senior managing director Jose Cruz, managing
director Kevin O’Hearn and real estate analyst Jordan Avanzato.
“We were pleased with the results of running the process for
the seller and attracting a lot of bidders for the property,” Michael Nachamkin
said. “The end result was a smooth
transaction with a quick closing.”
LNR Property LLC is a market leader in commercial real
estate finance, management and development, with established expertise and
demonstrated capability in the investment, management and servicing of
commercial real estate assets, secured real estate loans and loan pools.
LNR is headquartered in Miami Beach, Florida. LNR's Commercial Property Group is focused
on creating value by acquiring, developing, repositioning, managing and selling
interests in commercial and multi-family real estate, including land.
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| 150 Oberlin Avenue, Lakewood, NJ |
LNR's Real Estate Financing and Servicing Group focuses on
LNR's loan and loan securities businesses and is one of the nation's leading
buyers of non-investment grade and unrated commercial mortgage backed
securities (CMBS), and is the leading special servicer in the U.S.
Cedar Group of NJ is a local investor based in Lakewood, New
Jersey.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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