Global commercial real estate advisory firm Newmark has been hired to conduct the sale of 3600 Route 66 in Neptune, New Jersey on behalf of the building’s current owner, Mack-Cali. The property, a four-story, Class A office building totaling 188,408 square feet, is conveniently located on Route 66 and completely leased. Representing the Seller is Executive Managing Director Steven Schultz and Managing Directors Tony Georgiev and Adam Silver.
3600 Route 66 boasts an on-site full-service cafeteria, a four-story atrium, 100 percent back-up power and abundant surface parking space. Located on Route 66, just off the Garden State Parkway and in proximity to routes 18, 33, 34 and 35, the property offers easy access to numerous restaurants, shops and hotels, as well as the Jersey Shore Premium Outlets and Seaview Square Shopping Center.
The building is a premier-trophy asset with high visibility from Route 66, with the option for tenants to add monument signage. Its four current tenants comprise 100 percent of the asset and have a weighed average remaining lease term of 5.3 years.
“We are pleased to offer 3600 Route 66 to prospective buyers on the search for a valuable office property that continues to be promising in the market,” said Schultz. “This well-maintained property has long served as an ideal location to enable executives looking to grow their businesses as the quality of the amenities in the building and its proximity to a wide array of other vibrant municipalities in New Jersey is certain to continue attract skilled local talent.”
“Buyers will benefit from rising fundamentals, which will make this property a strong, stable asset that will only grow their income stream,” added Silver. “The office market has seen increased tenant demand and not enough new office construction, resulting in an 8.8 percent growth in average asking rent in this submarket over the past two years. This property, in particular, has consistently outperformed the submarket with a high average occupancy rate for more than two decades.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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