S.V.P. Daniel Lanni Arranges Exclusive Sale of 29,178 S.F. Trophy Office Building
Woodbridge, N.J., May 18, 2020 – The Kislak Company, Inc. announced the recent $6,200,000 sale of The Coastal Building, a waterfront office building with 29,178 square feet of premium office space located at 151 Bodman Place in Red Bank, Monmouth County, New Jersey.
Kislak marketed the property on an exclusive basis on behalf of the seller, Navesink Investments, LLC, with senior vice president Daniel Lanni handling the assignment. Mr. Lanni also procured the purchaser, First National Realty Partners, LLC.
“The Coastal Building is a very unique office property given its location with incredible views of the Navesink River,” said Mr. Lanni. “Kislak represented the original builder who occupied space there for almost 40 years. Our marketing efforts resulted in multiple strong offers. The purchaser ultimately closed at the contract price despite the pandemic, which began to impact us regionally during due diligence. Despite this and other challenges, everyone worked as a team to ensure closing as quickly as possible.”
Located on 1.16 acres of land directly on the Navesink River – in close proximity to downtown Red Bank and the NJ Transit train station – the building is a well-maintained, four-story office built in 1982. Lobby renovations were completed in 2013 and other features include onsite management and parking. Current tenants includes law and investment firms; asset management, shipping and office equipment companies.
With lending provided by Bogota Savings Bank, the purchaser plans future upgrades to the building with a focus on green initiatives and technology. Edward Bruton, Esq. and Jason Mandia, Esq. represented the purchaser and seller, respectively, in the transaction.
With easy access to major highways, the property is situated on the northern side of Monmouth County, a few miles east of Exit 109 on the Garden State Parkway within 30 minutes’ drive of Newark-Liberty International Airport and approximately one hour from New York City and Philadelphia.
Red Bank is a renowned social and commercial destination with a vibrant downtown full of restaurants, bars, independent shops, luxury retailers and many businesses including several financial and wealth management firms.
Monmouth County is home to state-of-the-art communication and utility networks making it a prime choice for large corporations, innovative startups, tourism, entertainment and retail businesses. The county in recent years was selected out of 300 national metropolitan areas by Money Magazine as the “Third Best Place to Live.”
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.