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Zimmel Associates Arranges Sale of 58,000 Sq. Ft. Edison, NJ Building
1031 Like-Kind Exchange for One Ethel Road
November 4, 2013

Edison, NJ November 4, 2013 - David Zimmel, president, Zimmel Associates, the Edison, NJ based real estate services firm, recently brokered the off-market sale of One Ethel Road in Edison, NJ, for more than $6,000,000.

One Ethel Road is a 58,000 sq. ft. office building located in Durham Center, a five building, 200,000 sq. ft. office complex situated between New York and Philadelphia off of Interstate 287.

The buyer, Fox and Foxx Development, is an Edison, NJ- based commercial and residential real estate development company. The principals asked David Zimmel to locate an investment property in a specific price range for a 1031 Exchange. Zimmel represented Fox and Foxx and the seller, New Durham Associates, Edison, NJ, in the transaction.

"A 1031 exchange allows sellers to defer taxes on the sale of real estate held for business or investment purposes, if they re-invest in like-kind property within a certain timeframe," explains Zimmel. "It allows investors to hold on to profits and build their property portfolios."

The owners of Fox and Foxx compliment Zimmel's service and capabilities. Steven Fox says, "David is a well respected leader in central New Jersey commercial brokerage, with extensive market knowledge and long-term relationships with building owners and developers in the tri-state region." Robert Foxx adds, "He presented a great opportunity for us in a timely manner and negotiated a deal that worked for all parties."

Zimmel was the exclusive leasing agent for the former owners of the 8-unit building, which was 100 percent leased at the time of the sale.

Fox and Foxx is converting One Ethel Road into office condominiums. Zimmel Associates continues to serve as exclusive agent for the building.  "We have just sold two 5,000 sq. ft. units to existing tenants and anticipate that a 3,000 sq. ft. unit will become available soon," says Zimmel. "All of the units have private entrances, separate HVAC and are conveniently located near access to the Garden State Parkway and New Jersey Turnpike."

Zimmel Associates is a full-service, privately owned commercial real estate firm based in Edison, New Jersey, that provides brokerage, tenant and buyer representation and advisory services to a substantial and diversified client base. Zimmel Associates represents four million square feet of exclusive space throughout the state. For more information visit www.zimmel.com.

Fox & Foxx Development is a privately held company headquartered in Edison, NJ that specializes in development of single-family homes and the acquisition of multi-family, commercial, and mixed-use properties.

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