Flex Building Will Go Condo

ABERDEEN TWP., NJ-American Real Estate has acquired the 51,741-sf flex building at 268 Cliffwood Rd. here from Woodmont Properties of Parsippany, NJ. And American Real Estate, a Tinton Falls, NJ-based real estate owner and developer, is set to turn the building into a business condo property.

The deal was brokered by Kim Kretowicz, senior vice president, and Steven Richel, vice president, of Weichert Commercial Brokerage. It went for an undisclosed price.

“This facility offers an opportunity for buyers and investors looking for diversified, self-contained flex space,” says Kretowicz, whose firm has also picked up the exclusive to market the conversion. Under plans unveiled by American Real Estate, the building is being converted to suites ranging from 7,500 sf to 12,500 sf. Besides the potential for office space, it also offers warehouse features like loading docks and 20-ft. ceiling heights.