607 Industrial Way in Eatontown — Courtesy: Resource Realty
By Joshua Burd
Two commercial buildings in Monmouth County have changed hands for a combined value of nearly $10 million, in a set of newly announced deals by Resource Realty.
In the larger transaction, a New York City-based private partnership paid $5.85 million for a one-story, 54,000-square-foot office and technology building at 607 Industrial Way in Eatontown. Resource Realty Principal Andy Rudoff represented the seller and procured the buyer.
“Eatontown Industrial Park continues to be a top location in Monmouth County and draws strong interest from space users and investors,” Rudoff said. “This was a challenging deal to complete because we had more than one contract, a few principals contracting COVID and a rigorous financing environment that dictated a high level of scrutiny and due diligence. We also had a large ownership group including three estates. It took a lot of focus on everyone’s part to keep the deal moving forward to completion, during these times.”
The deal follows another sale by Rudoff, in which an electronics reseller purchased a 37,000-square-foot space at 265 Industrial Way, also in Eatontown, for $4.1 million. He noted that the 125,000-square-foot building was converted to condominium ownership in 2006, adding that he was the listing broker at that time and responsible for assembling the team to create one of the area’s first large-scale light industrial condo offerings.
Rudoff is now marketing an upscale, 68,000-square-foot office flex space within the building, which is being offered for $9.18 million. The space — the recent home of DLB Associates, a consulting engineering and architectural group — can be divided and sold in smaller units.
Also this quarter, Rudoff completed office and light industrial leases totaling 85,000 square feet, along with the sale of an office headquarters to a local health care provider, according to a news release. In the past 15 months, he said, he has sold $21.5 million worth of property within the Eatontown Industrial Park.