South Brunswick, N.J. (October 6, 2021) – Fennelly announces it has negotiated the sale of a 16,000-square-foot flex/industrial building at 4262 US Route 1 in South Brunswick, N.J. for $1.775 million. Fennelly’s Jerry Fennelly, SIOR, represented the seller, ST Peterson, in the sale to a private buyer.
For 5 years, Fennelly had served as the exclusive leasing team for ST Peterson’s six-building, 160,000-square-foot portfolio of office, flex/industrial and technology buildings in Monmouth Junction and Hamilton, N.J. Leveraging a wide selection of marketing tactics, Fennelly was able to consistently attract a diverse array of tenants to the portfolio and maintained an occupancy rate of 98 percent across the portfolio throughout the assignment.
However, as ST Peterson’s executive team hoped to exit the real estate business, they tapped Fennelly to manage the disposition of their portfolio. Beginning in 2017, Fennelly worked closely with its extensive real estate contacts and ST Peterson’s executive team to identify buyers and close on the sale of each asset in the portfolio. The sale of 4262 US Route 1 marks Fennelly’s successful oversight of the sale of all six buildings, enabling ST Peterson to realize a 45 percent higher value than the owner first thought was possible to achieve full market value for its properties.
“Although the current market conditions definitely provide an advantageous situation for sellers, the competition and complexity seen in today’s real estate industry make it critical to work with an experienced commercial real estate professional to ensure fair market value for properties,” said Jerry Fennelly, President of Fennelly. “While each of these properties differed greatly, our time-tested yet innovative approach to marketing and hands-on transaction management services ensured that ST Peterson was able to accomplish its goals for their portfolio in an efficient manner while realizing substantial value from the sale.”