80,000-SF Class A Building Sold in Monmouth

The building at 4 Industrial Way in the Eatontown Industrial Park in Monmouth County was built seven years ago for Roberts Pharmaceuticals’ HQ, but the company’s acquisition by Shire Pharmaceutical and subsequent move to Kentucky turned the class A facility into surplus. But the property is officially off the market—it’s been sold to local developer the Donato Group, which will lease it for 10 years to PRA International, a pharmaceutical research firm currently based in nearby Shrewsbury.

The sale was brokered by Geoffrey Brothers of Brothers Commercial of Red Bank, NJ. Jerry Richter of Cushman & Wakefield, East Rutherford, NJ repped both purchaser and tenant in the dual transactions. Donato originally built the facility and sold it to Roberts in 1992.

The property had been put on the market for $9.5 million, but was contracted within 45 days with three backup offers.