NAI Fennelly on Wednesday said it negotiated the sale of a 58,000-square-foot flex building in Monmouth Junction for $5.575 million.
NAI Fennelly’s Pat Dintrone represented the seller in the transaction, while buyer Acutis Diagnostics was represented by Doug Petrozzini, senior managing director, and and Conor Ryan, associate both of Colliers.
Acutis plans to convert the entire building located at 68 Culver Road to lab usage and will occupy 30,000 square feet while leasing the remaining 28,000 square feet to other firms in the market for prebuilt lab space.
The building features 318 parking spaces partially covered by a recently installed 1 megawatt solar system that powers the property and is well suited for office, research & development, drug manufacturing, assembly or laboratory space. The property served as a great investment opportunity for Acutis.
“Advances in drug discovery and manufacturing have caused the market to see explosive demand for turnkey lab space across New Jersey,” Dintrone said. “This sale further highlights our ability to provide our clients with the guidance they need to capitalize on this market and help bring much-needed lab space to the local market.”