CBRE announced Oct. 8 that Genesis, a private investment firm focused on the acquisition of value-add industrial assets, has purchased 173 Amboy Road, a 21,000-square-foot industrial facility with abundant outdoor storage availability on 4.8 usable acres in Morganville. Genesis bought the property in an off-market transaction for $6.9 million.
Genesis was represented in the negotiations by the CBRE team of Liam McGregor, Mark Silverman, Brian Fiumara and Elli Klapper.
“The property at 173 Amboy Road provides a great alternative for occupiers that don’t require direct access to the New Jersey Turnpike or Interstate 287 but still want to benefit from the growing industrial market of Central Jersey,” said McGregor. “The site, which is available for immediate lease, is ideally positioned to meet the needs of a variety of users.”
Built in 1988, 173 Amboy Road has 22-foot clear ceilings, warehouse and office space, three drive-in doors, and a nearly fully paved outdoor storage lot that can accommodate a range of operational needs. There is immediate access to major roadways such as routes 9 and 18.
“We were pleased to be able to navigate through several challenges to reach a successful closing,” added Silverman. “This acquisition presents a tremendous opportunity for our client to further build on its growing industrial portfolio in the area.”
Morganville is at the northern end of Marlboro Township in northwest Monmouth County and is just south of Middlesex County.
