NAI Fennelly negotiates reacquisition in Robbinsville

By: Jessica Perry
November 3, 2021 6:53 am

NAI Fennelly negotiated the reacquisition of a mixed-use property in Robbinsville that it previously marketed in the 2000.

On Nov. 2, the independent full-service commercial real estate service said it represented property owner Sharbell Development in its buy-back of 1 Union St. from the American Heart Association.

NAI Fennelly President Jerry Fennelly represented Sharbell. The seller was represented by CBRE.

1 Union St., Robbinsville. – NAI FENNELLY

The space was originally put on the market two decades ago, in what was then a newly constructed 72,000-square-foot office building, NAI Fennelly said. At the time, the American Heart Association purchased a full-floor, 23,000-square-foot office condo.

The nonprofit’s office space needs changed over time, and NAI Fennelly said the association hired the firm to handle the sale of half of the condo back to Sharbell in 2020.

Now, the American Heart Association has sold the remaining space.

NAI Fennelly said its experience at 1 Union St. was “leaned on” by Sharbell in negotiating the final reacquisition.

“Although repeat business is common in this industry, you are rarely brought in to represent different sides of a transaction over 20 years apart,” said Fennelly. “However, this reacquisition showcases how we are uniquely trusted by buyers and sellers alike to bring even the most complicated deals across the finish line in central New Jersey.”