"We believe this is a compelling investment for our investors," says Avery Modlin, CEO of the New York City-based Modlin Group. "This acquisition fits squarely within our strategy to purchase assets in high-growth markets across the country."

The complex consists of a main 100,000-sf building and a 30,000-sf annex, situated on eight acres in Monmouth County, near the oceanfront city of Long Branch. The address is 260-270 Industrial Way West within the Eatontown Industrial Park. Tyco also occupies the adjacent 138,000-sf 250 Industrial Way West, a build-to-suit similarly done by Townsend Capital and completed in 1998. The latter building was not part of the transaction.

Modlin's newly acquired asset is net leased to Tyco through 2022; the complex is used by Tyco Telecommunications Laboratories for office and R&D purposes. Tyco Telecom, which specializes in undersea fiber optics and was once part of Bell Labs, has approximately 200 staffers on-site.