265 Industrial Way West in Eatontown — Courtesy: Resource Realty
By Joshua Burd
A private investor has purchased a 68,000-square-foot industrial space in Eatontown for nearly $7.5 million, in one of several recent transactions by Resource Realty.
Andy Rudoff, a principal with the brokerage firm, represented the seller in the trade of 265 Industrial Way West, the former headquarters of global engineering consulting firm DLB Associates, and procured the purchaser. The $7.48 million transaction marks the second time that Rudoff has arranged a sale of the unit, which he set up as a condominium in 2007, while he also recently sold an adjacent 37,000-square-foot space at the property for the second time.
“DLB created a world class space, the likes of which was unique in Monmouth County,” he said. “Due to the shift from office to warehouse uses it is likely much of the space will be repurposed.
“There continues to be strong demand in eastern Monmouth County for light industrial and a variety of investment property types. Despite COVID, I also continue to have clients looking for fairly priced office building assets as well, in both Monmouth and Middlesex counties.”
Nearby, at 40 Industrial Way East, Rudoff renewed the long-term lease of Cobham in the former Algen property. He noted that Cobham and its related predecessors have been in occupancy for 11 years and that Resource Realty is now offering an upscale 11,000-square-foot unit after the current occupant reduced its footprint to around 36,000 square feet.
The firm noted that Rudoff, in the last 24 months, has completed sale and lease transactions in the Eatontown Industrial Park valued at more than $32 million. It also announced that he recently completed new leases and renewals at Parkway 100 Corporate Park in Neptune, for which he has been the longstanding exclusive broker, totaling 32,000 square feet.
“Parkway 100 continues to draw immediate attention any time we have flex space available,” Rudoff said. “I am pleased to say that we are once again fully leased in all five buildings. It speaks to the quality of the product we offer and the accessible location.”
In another recent transaction, Rudoff brokered the sale of 234 Stelton Road in Piscataway to an environmental company for $1.55 million. Sitar Realty represented the seller of the 10,000-square-foot property.