Denholtz Properties announces the acquisition of two industrial/flex buildings totaling 171,480 square feet, located at 200 and 541 Industrial Way West in Eatontown, N.J. The acquisition expands Denholtz Properties’ New Jersey portfolio to 2.5 million square feet.
Situated in Monmouth County, one of New Jersey’s hottest industrial markets, 200 and 541 Industrial Way West represent rare acquisition opportunities in the current industrial market. Standing at 68,821 square feet and 109,480 square feet respectively, 200 and 541 Industrial Way West are ideally situated with easy access to major highways including Routes 18, 35, 36 and 71. Eatontown is also conveniently located just under 60 minutes outside of New York City and just 40 minutes from Newark Airport. The portfolio is also nearby a host of amenities including banks, shopping, public transportation, restaurants and the Monmouth Mall. The portfolio provides Denholtz Properties with a foothold in Monmouth County, one of the region’s most in-demand markets, while also bolstering the firm’s industrial portfolio throughout New Jersey, the nation’s third largest industrial market.
With vastly differing profiles, 200 and 541 Industrial Way West are complementary investments that create a diverse portfolio with the potential to yield strong value add returns. Currently 93% leased by six tenants, 541 Industrial Way West is anchored by Spirent Communications, Inc., a subsidiary of Spirent PLC, a major international communications company. In contrast, 200 Industrial Way West is currently vacant, presenting a prime value add opportunity to upgrade the building, which was originally outfitted for pharmaceutical production. Denholtz Properties plans to convert the property to a modern, 24-foot clear warehouse building with up to 7,000 square feet of office space.
“Demand for industrial space in New Jersey remains at an all-time high, and submarkets such as Eatontown present all the fundamentals we look for when sourcing investments in this market,” said Steven Denholtz, CEO of Denholtz Properties. “We look forward to executing our strategic vision for this portfolio to ensure it reaches its full income earning potential to drive superior, risk-adjusted returns on behalf of our investors.”