RED BANK, NJ -The Besen Group is proud to announce the sale of 1 Main Street, Eatontown, NJ by Monmouth County specialist Zachary Tuckman and Managing Partner Jonathan B. Horn. The subject property, on the intersection of Route 35 and Highway 71, is a five-story plus basement corner office building comprised of 74 units measuring 50,466 gross SF. The property was sold for $1,500,000.
The asset, which was 56% vacant at the time of sale, presented the ideal disposition structure for The Besen Group’s proprietary competitive bid process. The asset had been sitting on the market for sale for about two years with other firms when Besen obtained an exclusive right to sell. Within two weeks Horn and Tuckman secured multiple bids and the sale was closed after just 45 days.
The Besen Group exclusively represented the seller, a private investor, and procured the buyer, a local NJ private investment group. When speaking of the recent transaction Tuckman states, “Our comprehensive knowledge of the local market allowed us to quickly identify multiple investors and trade the asset in the most efficient manner possible.”
“Given that the eastern Monmouth County office market has a vacancy rate of 22% and thirty one office buildings are for sale, our competitive bid process is the perfect tool for the disposition of fee simple assets as well as REO assets and commercial and residential loans,” commented Horn, this trade is a prime example of its proven efficiency.
About the Besen Group
The Besen Group is the market’s preeminent full-service advisory platform providing a comprehensive range of business lines related to the valuation and disposition of small balance commercial and residential mortgage loans and REO assets in the secondary market secured by all asset types across all performance classes.
For more information about The Besen Group, please visit www.besengroup.com or call 732.945.3760.