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Cushman & Wakefield Arranges Sale of New Jersey Office Building

| May 18, 2016 | 0 Comments

Justin Corp CenterCushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com / (201) 796-7788 / www.twitter.com/carylcomm

MANALAPAN, N.J., May 18, 2016 – Cushman & Wakefield has completed the sale of Justin Corporate Center I, a two-story, 40,000-square-foot office building in Manalapan, Monmouth County. The firm’s East Rutherford, N.J.-based Metropolitan Area Capital Markets Group (CMG) team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin represented seller KABR Group, and procured the buyer, the Torsiello Organization.

“This property was on the market for a short amount of time and attracted a considerable amount of interest,” said Schwartz. “We conducted numerous tours, with several bidders demonstrating their interest in this opportunity.”

Located at 198 Route 9 North, Justin Corporate Center I was originally constructed in 1985. The property recently underwent significant improvements to its lobby and other public areas, parking lot, HVAC system, and the addition of a conference room. It was 94 percent occupied at the time of sale with a total of 12 professional tenants in the financial services, healthcare and publishing fields.

“Justin Corporate Center serves as a terrific example of how KABR adds value to assets that others overlook,” said Michael Goldstein, managing director – Finance and Acquisitions at the KABR Group. “The sale of the second Justin building now brings full circle to our story with this asset.”

“The building’s visibility and accessibility on busy Route 9, and the fact that it is a well-leased, stabilized property all contributed to the amount of interest in this opportunity,” said Schwartz. “From the Torsiello Organization’s perspective, this acquisition made a great deal of sense because it is a high-quality, well-maintained asset, and from a geographical standpoint, it fits well in their portfolio. It has proximity to their Edison, N.J. headquarters – from which the firm manages and operates a portfolio of nearly one million square feet of space.”

Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed more than $21.7 billion worth of transactions since 2000, closing in excess of $2 billion in 2015. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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About The KABR Group

The KABR Group is a diversified real estate organization founded by Kenneth Pasternak, Laurence Rappaport and Adam Altman, proven entrepreneurs and real estate professionals.  The KABR Group, headquartered in New Jersey, owns, manages, and develops commercial, retail, and residential properties along the East Coast with a primary focus of NY Metro and North East Florida.  The KABR Group current holdings consists of more than 4 million square feet of office, retail and industrial space, several thousand residential properties and a residential and mixed use development pipeline of several thousand units.  For more information, please visit www.kabrgroup.com.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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