Commercial real estate advisory firm Newmark Knight Frank announced Tuesday the $32 million sale of a Class A office in Eatontown.
The 138,163-square-foot property located at 250 Industrial Way West is currently leased to communications systems supplier SubCom through 2024, with the option to renew for an additional five years.
Steven Shultz and Ben Greazel, executive managing directors at NKF; and Tony Georgiev and Adam Silver, managing directors; represented the seller in the deal.
The property is within close access to various lifestyle amenities including the 1.5 million-square-foot Monmouth Mall, hotels, restaurants, shops and more. It also is within close access to the Garden State Parkway and routes 18, 33, 35 and 36.
“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.” Schultz said. “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,” Silver said. “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.”