Central Jersey office building near parkway entrance sells for $7.6M

At three stories tall, Central Jersey office property 14 Cliffwood Ave. offers a location close to Exit 120 on the Garden State Parkway.

On Feb. 1, Zimmel Associates announced the sale of the 46,000-square-foot building for $7.6 million to White Star Logistics, which will occupy 4,000 square feet on the second floor. The seller was not disclosed.

According to Zimmel’s announcement, the owner decided to sell the asset following a corporate relocation.

White Star offers a range of supply chain management services, including transportation, warehousing and distribution.

Built in 2008 by Red Bank-based Denholtz Associates, 14 Cliffwood Ave. offers a large atrium, 24-hour access, 139 parking space and 50 covered spots. Zimmel said it’s served as exclusive leasing broker for the building since its construction and sold the property in 2017 as part of a 1031 exchange.

The full-service commercial real estate firm, also based in Matawan, said it was retained to continue on as exclusive leasing broker — and that a 5,000-square-foot lease is pending on the ground floor. The local firm added that the sale serves as a testament to the demand for commercial space in the Matawan area.

“We are thrilled to have played a role in this significant transaction,” said Zimmel Associates co-founder and President David Zimmel in a statement. “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.”