HOWELL, NJ-The owners of Gateway Business Park @ 195 have launched a new marketing effort for the redeveloped property, and have hired the Richter Organization of Eatontown and RE/MAX Commercial Real Estate's Cranford office as co-leasing agents to find tenants. The 112-acre park consists of nine freestanding industrial buildings ranging from 4,000 sf to 148,250 sf, or nearly 460,000 sf, most of which is currently available.
Constructed in the mid-1960s, the property formerly housed military contractor Frequency Engineering Labs. The current owner, a private New York City-based group, bought the property out of bankruptcy proceedings.
"With new ownership and management in place, the park has received a complete makeover, from re-branding the marketing efforts to a capital improvement campaign," says Doug Richter, EVP of the Richter Organization. "The opening of this park will create new opportunities for industrial tenants throughout Central New Jersey who require 10,000 sf or more of industrial space with the ability for on-site expansion."
Some 27,000 sf has recently been committed, according to Richter, with 3J Funding taking the space. "We are entertaining numerous proposals for sale and lease," he says. The park's availabilities are currently listed with asking prices ranging from $6.75 triple-net for basic industrial space, to $15 per sf for office components within the various buildings.
"Building 1, comprised of 148,000 sf, will be [divided] into 10,000-sf units," says RE/MAX commercial's Ian Grusd. "Tenants can incubate into larger units if their growth changes. And we have the ability to expand building footprints and raise ceiling heights on certain buildings to accommodate the needs of distribution companies."
The available space is being targeted for occupancy by warehouse/distribution operations, as well as light assembly and packaging, light manufacturing and construction companies. Also on the radar screen are companies looking for "an inexpensive option for back offices or data centers," Richter says.
The park is located along I-195 near the border between Monmouth and Ocean counties, near Exit 98 of the Garden State Parkway. I-195 is the center of an east/west corridor linking the region with the New Jersey Turnpike Exit 8A submarket.
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