TETERBORO, NJ-A New York City-based real estate investment company, which has not been identified, has inked a deal to acquire Hollister Corporate Park at 100 Hollister Rd. here. Hollister '97 LLC is the seller and the price is $13.8 million, according to a spokesman for Monmouth Real Estate Investment Corp. The Freehold, NJ-based REIT is a 25% equity partner in Hollister '97.
Monmouth, whose investment in Hollister '97 totals approximately $900,000, will receive a portion of the proceeds of approximately $2.15 million, or a gain of approximately $1.25 million, according to the spokesman. When the sale closes, which is expected to happen "in a few weeks," according to the spokesman, Monmouth will be withdrawing from Hollister '97 LLC. Other partners in the group could not be reached for comment.
The seller originally bought the property, which is occupied by AT&T Wireless, in June of 1997 for approximately $6.5 million. Hollister Corporate Park is a flex facility of about 275,000 sf. Monmouth Real Estate Investment Corp. specializes in net-leased industrial properties. The company's current portfolio consists of 38 industrial properties and one shopping center in 23 states, as well as REIT securities.
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