The Kislak Company said it recently sold 27 acres along Route 33 in Manalapan for $4,500,000. Kislak marketed the property on an exclusive basis on behalf of the seller, Public Equipment Rental Company, Inc., with senior vice president Daniel Lanni handling the assignment, and he also procured the purchaser, Menlo 33 Associates III, LLC.
“This property had been in the same family for over 40 years. Through our exclusive marketing efforts, we successfully secured an all-cash buyer in a relatively short period of time,” Lanni said.
The property is located at Block 78, Lot 19 in Manalapan with prominent frontage along Route 33 and spans 27 acres. It includes zoning for both commercial and residential development with 16 acres designated for commercial use and 11 acres designated for residential use.
The transaction was completed as part of an I.R.C. Section 1031 Exchange. Permitted uses on the commercial portion of the property include restaurants, office buildings, and light manufacturing.
The buyer plans on developing the property as an industrial/flex property.
