Global commercial real estate advisory firm Newmark today announced the sale of a 138,163-square-foot, Class A office and R&D asset located at 250 Industrial Way West, in Eatontown, NJ for $32MM. The property is currently leased to communications systems supplier SubCom on an absolute NNN lease through 2024, with the option to renew for an additional five years. A Newmark team of Executive Managing Director Steven Schultz, Managing Directors Tony Georgiev and Adam Silver, and Executive Managing Director Ben Greazel represented the seller.
Located at the heart of a fast-growing and affluent area in Monmouth County, 250 Industrial Way West offers various lifestyle amenities including the 1.5 million-square-foot Monmouth Mall and other hotels, restaurants and shops in the vicinity. It also provides easy access to the Garden State Parkway and Routes 18, 33, 35 and 36, making it an attractive location for the highly-skilled labor pool in the area.
The headquarters-quality asset has become essential to the continuity and maintenance of intercontinental communications for tenant SubCom, which has built its executive and research operations in the facility since 1999.
“250 Industrial Way West brings with it so much more than its great amenities - it boasts a corporate tenant with a strong business and history that is committed to maintaining its presence at the property.” said Schultz. “We are pleased to have found this opportunity for the right buyer to become the owner of this valuable property.”
“Monmouth County is one of the most diversified economies in the U.S., with an affluent demographic, skilled labor pool and transit-oriented location,” said Silver. “As the local office market continues to be favorably received by strong corporate tenants seeking headquarters and offices, we anticipate that it may grow into an even more attractive market for businesses and talent alike.”
“We were in search of a new owner for 250 Industrial Way West who would truly appreciate and continue our strong relationship with SubCom, a tenant who has long believed in the value of the property and its strategic location in Eatontown,” said Michael Siemer of SMB Bradley. “It was a pleasure to work with the Newmark team throughout this process.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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