The Garibaldi Group of Chatham, NJ arranged the transaction on behalf of Honeywell, with principal Peter D. Blanchard and vice president Joseph McMahon representing the seller. "We are pleased to have disposed of this surplus property by year end," according to Honeywell director of real estate James Sladack. The sales agreement was reached in late December, but was just announced last Friday.
The site contains two vacant industrial facilities of 155,000 and 65,000 sf, which Lowe's plans to raze to make way for its new store. The site is located in a growing retail area, with such big box names as Staples, Office Max, Sports Authority and PetSmart nearby and the 1.5 million-sf Monmouth Mall a short distance to the south.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.