EDISON, NJ-In three separate transactions, Affiliated Engineering Laboratories Inc. has sold its two existing locations and leased space for a new, expanded headquarters. All three deals were orchestrated by brokers from the locally based Zimmel Associates.
"Affiliated was able to consolidate the operations of their two former locations under one roof," says David Zimmel, president of Zimmel Associates. "It improves their efficiency and productivity, and gives them room to grow."
The long-term lease amounts to 22,000 sf at 777 New Durham Rd. here, a 100,000-sf light assembly/flex building just off I-287 within the Edison Crossroads business park. The building, owned by a local group, is a Zimmel exclusive. Terms of the lease were not disclosed.
Zimmel Associates also found buyers for the two buildings totaling 13,500 sf here that were formerly occupied by Affiliated, an engineering and computer consulting firm. The 8,100-sf facility at 1101 Amboy Ave. was acquired by 1101 Amboy Ave. LLC for $1 million, or $123 a foot; and Hughes Brothers bought the 5,400-sf 1095 Amboy Ave. for $800,000, or $148 a foot. Gavin Daniel of Lamington Properties, Bedminster, NJ, was the co-broker.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
