NAI Fennelly on Oct. 6 said it negotiated the sale of a 16,000-square-foot flex/industrial building at 4262 U.S. Route 1 in South Brunswick, for $1.775 million.
The asset is part of a larger, six-building, 160,000-square-foot portfolio of office, flex/industrial and technology buildings located in Monmouth Junction and Hamilton. NAI Fennelly’s Jerry Fennelly represented the seller, ST Peterson, in the sale to a private buyer.
For five years, NAI Fennelly has served as the exclusive leasing team for the portfolio, leveraging a wide selection of marketing tactics. The Hamilton Township-based firm was able to consistently attract a diverse array of tenants and maintained an occupancy rate of 98% across the portfolio throughout the assignment.
As ST Peterson’s executive team hoped to exit the real estate business it tapped NAI Fennelly to manage the disposition of the portfolio. Beginning in 2017, NAI Fennelly worked closely with its real estate contacts and ST Peterson’s executive team to identify buyers and close on the sale of each asset in the portfolio.
The sale of 4262 U.S. Route 1 marks NAI Fennelly’s successful oversight of the sale of all six buildings, enabling ST Peterson to realize a 45% higher value than the owner first thought was possible to achieve full market value for its properties.
“Although the current market conditions definitely provide an advantageous situation for sellers, the competition and complexity seen in today’s real estate industry make it critical to work with an experienced commercial real estate professional to ensure fair market value for properties,” said Jerry Fennelly, president of NAI Fennelly. “While each of these properties differed greatly, our time-tested yet innovative approach to marketing and hands-on transaction management services ensured that ST Peterson was able to accomplish its goals for their portfolio in an efficient manner while realizing substantial value from the sale.”