WALL TOWNSHIP, NJ— Monmouth 2, an affiliate of BHN Associates, purchased Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township, NJ, from Mack-Cali Realty Corporation. Terms were not disclosed.
Monmouth Shores Corporate Park is one of the largest business parks in the region and is situated along Campus Parkway, Wyckoff Road and Highway 34 in Wall Township. The office park was 88-percent leased to 24 tenants at the time of sale and includes five single-story flex assets and three office buildings.
Cushman & Wakefield's NJ investment team members, including Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso, represented the seller.
“Mack-Cali has done an exceptional job with the park, maintaining a high historical occupancy rate and catering to a diverse base of regional and national credits,” says Gabriel.
“Most notably, the park serves as home to Monmouth County's largest employer, who has maintained a presence there for over 15 years and continues to expand,” DiTommaso says.
With its mix of office and flex space, the park provides flexibility with buildings that range in size from 20,000 to 80,000 square feet. The flex components of the park feature 22-foot clear height in the warehouses and a variety of dock-height and drive-in doors for loading capabilities.
Monmouth Shores Corporate Park is immediately off Route 33 and Highway 34, and is less than two miles from the Garden State Parkway.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
