265 Industrial Way West in Eatontown — Courtesy: JLL
By Joshua Burd
A marketing and public relations firm has sold a 36,500-square-foot flex facility in Eatontown, in a transaction arranged by brokers with JLL.
The real estate services firm announced that it represented Montero Realty Services, a subsidiary company of HAP Marketing Services Inc., in its disposition of 265 Industrial Way West. The deal comes as part of the seller’s effort to consolidate its business operations, JLL said, noting that a private buyer purchased the building for an undisclosed price.
JLL senior vice presidents Peter Ladas and Gary Politi represented the seller, while Resource Realty Inc. Principal Andy Rudoff represented the buyer.
“When we decided to pursue the lease or sale of our facility, we made the decision to have JLL represent us based on their reputation and involvement in our marketplace,” said Christian Fernandez, CEO and president of HAP Marketing Services. “We relied heavily on the insights and guidance provided by Peter Ladas and the JLL team.”
In a news release, JLL said the building features 9,000 square feet of office space, 27,500 square feet of warehouse space and two loading doors. The property is just off Route 35 and near the Garden State Parkway and Route 18.
“Due to the increase in market demand to own flex space, buyers showed a willingness to pay a premium for the property,” Ladas said. “We ultimately were able to identify the right buyer for the property, to whom the facility provided added value. At the same time, we were able to secure a favorable, long-term lease at a build-to-suit facility nearby that ideally met HAP Marketing’s consolidated space requirement.”