CBRE today announced it has completed the $4.95 million sale of an industrial property located at 865Route 33 in Freehold, New Jersey.The CBRE team comprised of Charles Berger, Elli Klapper and Mark Silverman represented the seller, L&M Realty Associates LLC, and procured the buyer, 865 NJ 33 SD LLC.

Built in 1984, 865 Route 33 is centrally located in Monmouth County in Northern New Jersey. The single-story industrial facility has 46,000 gross leasable sq. ft. of space on 10 acres of land.

“L&M Realty Associates originally acquired the asset for $3.5 million in 2013,” said Mr. Silverman. “We were able to procure a buyer during the first few challenging weeks of the global pandemic for this off market deal on top of being able to secure premium pricing for the property.”

“This is the fourteenth industrial sale for ourinvestment properties team within the last 12 months, with three of them in the township of Freehold alone,” added Mr. Berger. “Our ability to achieve premium on a cap rate and price per sq. ft. basis amidst a pandemic demonstrates the strength of the market and the ability of our team to maximize value on a diverse range of industrial and flex properties.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.