541 Industrial Way West in Eatontown — Courtesy: Resource Realty
By Joshua Burd
An affiliate of Denholtz Properties has acquired a roughly 110,000-square-foot commercial building in Eatontown, in one of several newly announced deals by Resource Realty.
The brokerage firm represented 541 Industrial Way West LLC in the sale of the property, 541 Industrial Way West in Eatontown, to Denholtz Acquisition LLC. The 110,480-square-foot property, which was 97 percent leased at the time of the sale, traded for $11.55 million.
Resource Realty Principal Andy Rudoff brokered the transaction.
“After selling this property to the owner in the late ’90s, I continued as their exclusive leasing agent through two decades of market changes,” Rudoff said. “Historically the property performed well and the ownership was creative in adapting the half of the building not leased by long-term anchor tenant, Spirent Communications, into flex units of varying sizes.
“Additionally the ownership continually upgraded the building, entrances, windows, grounds, etc. and turned what was originally a plain vanilla distribution building into a trophy property, equally appealing to both high end office/tech and warehouse users.”
He added that, prior to the sale, Resource Realty completed long-term renewals and new leases totaling roughly $8.5 million in aggregate value.
“The acquisition staff at Denholtz was diligent and professional,” Rudoff said. “Through their discerning approach, they continue to curate and grow a stellar portfolio of investment properties.”
Resource Realty also announced new activity at a second Monmouth County property, 3535 Route 66, which is part of the Parkway 100 Corporate Park in Neptune. Rudoff recently completed new leases and renewals totaling 48,000 square feet with an aggregate value of $3.1 million, bringing the 150,000-square-foot flex park to 100 percent occupancy.
“The market in Monmouth County for well-located office/warehouse ‘flex’ space in quality buildings, continues to be very active,” Rudoff said, citing the role of e-commerce. “As long-term exclusive leasing agents for EI Realty, we are pleased to be a part of their ongoing success. They have owned and managed one of the premier office/flex properties in Monmouth County for decades, and the present occupancy status there is validation of their commitment to delivering a quality tenant experience.”
Rudoff has also represented Interstate Motor Carriers in the sale of its headquarters building in Freehold. Additionally, he procured the purchaser, a local investor who will be moving his real estate management office into the building.