The Kislak Company, Inc. announced the $5.8 million sale of a fully occupied retail and warehouse property located at 3440 Route 9 in Freehold.
The exclusive marketing of the 25,845-square-foot property was handled by Kislak Senior Vice President Daniel Lanni, who also procured the purchaser. The identities of the buyer and seller were not disclosed, though the transaction was completed with a 1031 exchange buyer.
Situated along Route 9, one of central New Jersey’s most heavily traveled commercial corridors, the property features high visibility and strong frontage. At the time of the sale, the building was 100% occupied. It is currently anchored by Sherwin-Williams and occupied by a roster of triple-net tenants with built-in rental increases, allowing the owner to be reimbursed for the majority of operating expenses.
“This sale highlights the importance of staying committed to your clients beyond a single listing cycle,” Lanni said. “I initially met the owner years ago, and although we were unsuccessful in achieving a sale at that time, we maintained the relationship and continued to monitor the market. When the property was reintroduced, we leveraged strong investor demand, created a competitive environment, and successfully brought the transaction to closing with a 1031 exchange buyer.”
The property recently underwent significant capital improvements, including:
- A new thermoplastic polyolefin (TPO) roof.
- Five new HVAC units.
- A renovated façade with new windows, doors, signage, and a monument sign.
- Site upgrades, including a new dumpster enclosure, sidewalks, landscaped islands, upgraded lighting, and resurfaced front and rear parking areas.
