Real estate investment firm First National Realty Partners recently announced the purchase of The Coastal Building in Red Bank, NJ. The property will add 29,178 square feet of Class A Jersey Shore office space to the company’s portfolio. The transaction took place off-market.
The four-story Coastal Building is situated at 151 Bodman Place in the high-demand Navesink River area of Red Bank. Built in 1982, it has a recently renovated atrium, glass elevators and 24-hour access. It also features ample parking and riverside views.
The property has a history of nearly full occupancy, featuring a world class tenant roster that includes financial services and law firms. The new owner plans to increase the Coastal Building’s value through targeted investments in green initiatives and technology.
What’s more, The Coastal Building is within easy reach of State Highway 35 and the Green State Parkway, with easy access to the NJ Transit Train and a bus station. Plus, its strategic location in the Navesink River area means the property is in the vicinity of two hotels, as well as a multitude of shopping and dining options.
Andrew DeNardo, a principal of First National, said, “The Coastal Building is truly a one-of-a-kind asset. The views the building offers the tenants at the property are remarkable. We look forward to working with the tenants at the property to ensure their continued success. The team here at First National is excited to be a part of the Red Bank community. We look forward to working with all local stakeholders and ensuring a successful project for everyone involved.”
First National Realty Partners is a vertically integrated real estate investment firm, that specializes in acquiring institutional quality commercial properties at a national level. The company aims to enhance the value of purchased properties through hands-on management and targeted investments. First National’s New Jersey portfolio also includes retail shopping centers in Hamilton, Bordentown and Vineland, as well as a 79,000-square-foot office building in Old Bridge.