Tyco Complex Trades for $300 Per SF

EATONTOWN, NJ-The Modlin Group’s Private Equity Group has picked up a two-building office/R&D complex occupied by industrial conglomerate Tyco Corp. here from Townsend Capital. The complex totals 130,000 sf, and the sale price of $39 million factors out to $300 per sf. The Towson, MD-based Townsend Capital developed the complex as a build-to-suit for the Princeton- and Bermuda-based Tyco Corp., completing it in 2002.

“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.