Zimmel Associates President David Zimmel was hired two decades ago to handle a newly built, 30,000-square-foot flex building in Monmouth County. Now, 20 years later — and after keeping the space leased throughout that time — the firm announced the sale of the site.
David Zimmel and Vice President Jordan Zimmel handled the building at 403 County Road in Aberdeen, with Vice President Jaime Zimmel securing the buyer, an active investment group, the firm announced June 21. Financial terms were not disclosed.
Initially divided into six, 5,000-square-foot units, four tenants currently occupy the building: two with leases for 10,000 square feet each; and two leasing 5,000 square feet each. The previous owner recently secured approval to add a free-standing, 4,000-square-foot building next to the existing one, to be used as a single-user space, Zimmel Associates said.
That approval was sold along with the already-standing building.
According to the Zimmel Associates, the unnamed buyer was looking to add a flex building to its portfolio, and Jaime Zimmel felt 403 County Road was the right fit. New ownership will begin construction on the additional building soon, with an anticipated delivery date in six months.
While the existing building is fully leased — “and there are no vacancies expected for a few years” — Zimmel Associates said it will continue to monitor and market any available vacancies in either the old, or the new, building.