By Joshua Burd
A developer hopes to build more than 130,000 square feet of new industrial space in Monmouth County after acquiring 11 acres just north of Interstate 195.
The buyer, RDM Management, paid $2 million for the sites at 37 and 41 Burnt Tavern Road in Millstone, in a deal arranged by NAI Fennelly’s Jerry Fennelly. He noted that the property was not approved at the time of closing, but said it could house 130,063 square feet just off Exit 16 of I-195, providing quick access to the New Jersey Turnpike and connectivity to both New York and Philadelphia.
Fennelly represented the respective sellers in each deal, PAK SC LLC and 41 Burnt Tavern Road WBP LLC, noting that the new logistics building would have 16 loading docks and one drive-in on the combined site.
“Prime development sites in central New Jersey continue to be few and far between,” Fennelly said. “We continue to work closely with our clients to help them capitalize on this robust market for developable land to create value from their assets while also helping to bring important rateables to towns like Millstone.”