173 Amboy Road in Morganville — Courtesy: CBRE
By Joshua Burd
A private investment firm has purchased a 21,000-square-foot industrial building on 4.8 acres in Marlboro for $6.9 million, brokers CBRE announced Wednesday.
Located in the township’s Morganville section, the property at 173 Amboy Road has abundant outdoor storage space and immediate access to major roadways such as routes 9 and 18, according to a news release. That provided an attractive opportunity for the buyer, Genesis, which secured the asset in a deal with an undisclosed seller.
CBRE’s Liam McGregor, Mark Silverman, Brian Fiumara and Elli Klapper represented the purchaser in the off-market deal.
“The property at 173 Amboy Road provides a great alternative for occupiers that don’t require direct access to the New Jersey Turnpike or I-287 but still want to benefit from the growing industrial market of Central Jersey,” McGregor said. “The site, which is available for immediate lease, is ideally positioned to meet the needs of a variety of users.”
The firm added that the building, constructed in 1988, has 22-foot clear ceiling heights, ample warehouse and office space, three drive-in doors and a nearly fully paved outdoor storage lot that can serve a wide range of operational needs.
“We were pleased to be able to navigate through several challenges to reach a successful closing,” Silverman said. “This acquisition presents a tremendous opportunity for our client to further build on its growing industrial portfolio in the area.”
