Fully leased New Jersey office property trades for $14.75M

MORRISTOWN, N.J., Sept. 9, 2024 - JLL Capital Markets announced today that it closed the $14.75 million sale of 100 Tormee Dr., a 90,008-square-foot office building in Tinton Falls, New Jersey.

JLL marketed the property on behalf of the seller, W.P. Carey Inc., and procured the buyer, Avalair Group.

100 Tormee Dr. is located in the heart of Monmouth County, an affluent area along the coast in central New Jersey. The 8.65-acre site is positioned just off of the Garden State Pkwy, which is the primary north south thoroughfare providing access to Manhattan and the greater Tri-State area. Additionally, the property is in an amenity rich location offering shopping at the Monmouth Mall or Jersey Shore Premium Outlets, walkable downtown areas in nearby Asbury Park and Red Bank and access to Monmouth University, a private university ranked among the top universities in the Northern region.

Completed in 2001, the fully leased property is home to two tenants, Hackensack Meridian Health and Opentext. The two-story building offers ample surface parking and an on-site tenant lounge/game room.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jeremy Neuer and Jose Cruz.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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