Kokes Properties Continues Growth and Diversification with Recent Acquisition of Property in Wall Township

WALL TOWNSHIP, NJ – Kokes Properties is pleased to announce the acquisition of a Single-Tenant Net Lease (STNL) property located in Wall, New Jersey as the company expands and diversifies its real estate holdings. Located at 2512 Tiltons Corner Road, the asset is currently home to Asylum Sports Center, a high-performance fitness and training facility servicing the southern Monmouth County region. 

Despite the economic disruption created by the pandemic, Kokes Properties has remained patient in its commitment to finding acquisitions accretive to its growth. 2512 Tiltons Corner had been on the company’s radar, but it was not until earlier this year that the company was able to put the property under contract. With interest rates hovering near historic lows, acquiring this high quality STNL asset at an attractive cap rate provides for a compelling investment.

“Sourcing strong cash-flowing assets in affluent areas like Monmouth County can be notoriously difficult, especially when the real estate market is already hot,” said Clark McIntyre, Kokes’ Vice President of Operations. “Tiltons Corner has all of the great qualities you look for in a new acquisition: close proximity to three major highways; an open floor plan; high ceilings; and a strong credit worthy tenant. From underwriting to closing, this has been a true team effort every step of the way. We are excited to add this property to our portfolio and have high expectations with respect to its investment potential.”

Steve Richel of Richel Commercial Brokerage represented Kokes Properties in the purchase and financing was provided by OceanFirst Bank.