An aerial view of Fairfield Industrial Park, located at 912 Route 33 in Freehold — Courtesy: Bussel Realty Corp
By Joshua Burd
A nine-building, 165,000-square-foot industrial park in Monmouth County has changed hands for $7.5 million, following a sale brokered by Bussel Realty Corp.
In a news release, Bussel said it represented the undisclosed seller of 912 Route 33 in Freehold. The firm identified the buyer as Fairfield Industrial Park LLC, which it said is planning to make “significant capital improvements” to the complex.
Jordan Metz, senior vice president, and Eduard Skutelsky, vice president, handled the assignment for Edison-based BRC.
“The buyers were able to purchase a value-add portfolio with great potential for increasing its value to a 10-11 percent cap rate and make it an ideal modern site for tenants seeking quality industrial and office space,” Metz said in a prepared statement.
The property, also known as Fairfield Industrial Park, is occupied by 20 tenants. The complex includes industrial and office spaces of various sizes with loading docks, drive-ins and parking in a park setting, all located off Route 33 with access to routes 9 and 18, Interstate 195 and the Garden State Parkway.
