NAI Fennelly sells light industrial building in Monroe for $3.8M as knitting machine company downsizes NE operations

NAI Fennelly on Tuesday said it sold a 27,863-square-foot light industrial building at 22 Abeel Road in Monroe Township for $3.8 million.

NAI Fennelly’s Jerry Fennelly and Matt Fennelly represented the seller, Shima Seiki, in the sale to Aplomb Technologies.

22 Abeel Road is a two-story building featuring 19,512 square feet of office space and 8,351 square feet of warehouse space with one tailgate and one drive-in. The building’s 260 feet of frontage on the New Jersey Turnpike and connectivity to Routes 33 and 130 afford tremendous access to the broader Philadelphia and New York City metropolitan areas, as well.

The flexible property is situated in Einstein’s Alley, a private, nonprofit economic development initiative located in central New Jersey that is focused on encouraging the growth of knowledge-based jobs and creating a hub for the workforce of the future.

Shima Seiki, a leading manufacturer of computerized flat knitting machines and design systems, had constructed and occupied the building as its East Coast headquarters for 36 years. However, as its business’s needs changed, it sought to relocate its headquarters to the West Coast and utilize a smaller facility for its Northeastern operations. Recognizing NAI Fennelly’s expertise in the market, it tapped the firm to secure a buyer for the building.

Aplomb Technologies, an information technology solutions provider for companies across the IT, financial, telecom, health, retail, manufacturing, insurance and media sectors, recognized 22 Abeel Road’s unique location in the heart of New Jersey’s knowledge economy paired with a high level of adaptability to its needs would make the building the ideal new home for their business.

“Home to hundreds of cutting-edge companies and leading research institutions like Princeton University, central New Jersey continues to be a highly attractive headquarters location for technology-focused service providers like Aplomb Technologies,” Jerry Fennelly said. “Powered by our decades of experience in the market, our team is proud to represent sellers like Shima Seiki to help them sell excess real estate and to secure fair market value for their assets in this competitive market.”

Shima Seiki also sought NAI Fennelly’s services in securing a new, smaller location in the market. Working closely with Shima Seiki’s executive team, NAI Fennelly negotiated a lease for a 5,000-square-foot flex space in the Stouts Business Park at 45 Stouts Lane in Monmouth Junction that will service the company’s clients throughout the Northeast.