225 County Road 522 in Manalapan — Courtesy: Sheldon Gross Realty
By Joshua Burd
An investor has acquired a two-building industrial complex in Monmouth County for nearly $5 million, according to a brokerage team with Sheldon Gross Realty.
In a news release, the firm said it represented a longtime client in its sale of the 66,500-square-foot property at 225 County Road 522 in Manalapan. The undisclosed buyer paid $4.96 million for the campus, Sheldon Gross said, citing its location near routes 9 and 33 and Exit 8 of the New Jersey Turnpike.
“For a commercial investor, this property represents an exceptional opportunity,” said Matthew Leonelli, a sales representative with Sheldon Gross. “First, it’s almost entirely leased, which eliminates one concern buyers of industrial properties often face. In addition, the location is outstanding, with quick access to major roadways, Newark Airport, as well as Philadelphia and New York City.”
The firm said the buildings, which occupy more than five acres, have ceiling heights between 16 and 22 feet.