250 Industrial Way West in Eatontown — Courtesy: Newmark Knight Frank
By Joshua Burd
An investment firm has reaped $32 million from its sale of a nearly 140,000-square-foot office and research complex in Eatontown, brokers with Newmark Knight Frank announced Tuesday.
The real estate services firm represented the seller, SMB Bradley, in the newly completed transaction at 250 Industrial Way West. An undisclosed buyer acquired the 138,163-square-foot property, which is triple net leased through 2024 to SubCom, a communications systems supplier that has occupied the campus since 1999.
The NKF team included Executive Managing Director Steven Schultz, Managing Directors Tony Georgiev and Adam Silver and Executive Managing Director Ben Greazel.
“250 Industrial Way West brings with it so much more than its great amenities — it boasts a corporate tenant with a strong business and history that is committed to maintaining its presence at the property.” Schultz said. “We are pleased to have found this opportunity for the right buyer to become the owner of this valuable property.”
In a news release, NKF highlighted the complex’s proximity to amenities such as the Monmouth Mall, along with hotels, restaurants and other retailers. The property also provides easy access to the Garden State Parkway and routes 18, 33, 35 and 36, allowing Subcom to tap into the area’s skilled labor pool.
“Monmouth County is one of the most diversified economies in the U.S., with an affluent demographic, skilled labor pool and transit-oriented location,” Silver said. “As the local office market continues to be favorably received by strong corporate tenants seeking headquarters and offices, we anticipate that it may grow into an even more attractive market for businesses and talent alike.”
The brokerage team and the seller also noted that Subcom has an option to renew for another five years, adding the campus “has become essential to the continuity and maintenance of intercontinental communications” for the company.
“We were in search of a new owner for 250 Industrial Way West who would truly appreciate and continue our strong relationship with SubCom, a tenant who has long believed in the value of the property and its strategic location in Eatontown,” said Michael Siemer of SMB Bradley. “It was a pleasure to work with the Newmark Knight Frank team throughout this process.”