IPG Sells Complicated Mixed Use Property on Tight Timeline

IPG Real Estate was hired by a New Jersey property owner to sell a mixed use property because the owner wished to retire and cease the responsibility of management.

When the IPG team accepted the assignment, an existing lease with a long term neighborhood presence was due to expire in about 6 months. In addition, a section 8 tenant passed away, leaving long neglected repairs to be done, and a Certificate of Occupancy to be obtained.

A number of offers came in, most calling for an owner investment or below market discount. The owner held out for a market value offer. IPG Real Estate cooperated with Esther Askenazi Associates, a regional investor and realtor, to consummate the deal. The entire transaction took 3 months, despite all the complications.

The property, located at 48 Monmouth Road,Oakhurst, New Jersey, sold at market value for $220,000. The deal closed on September 20, 2014.

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