(Read more on the industrial market.)
NEPTUNE CITY, NJ-The 128,000-sf industrial building at 211 W. Sylvania Ave. here has been sold for approximately $8.7 million, which factors out to about $68 per sf. The deal was brokered on behalf of the buyer by Aaron Mittleman, SVP in the Morris Plains office of Weichert Commercial Brokerage.
The brokers declined to identify the new owner of the property. The seller was identified as Neptune City Complex LLC, a group reportedly with ties to disgraced Monmouth County real estate mogul Solomon Dwek.
The building is currently fully occupied by a single tenant with seven years remaining on it lease. That tenant was similarly not identified, but GlobeSt.com has determined that it's occupied by divisions of specialty publisher TFH Publications, which has its headquarters in a neighboring building.
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