WALL TWP., NJ-Monmouth Investors I LLC, an affiliate of Red Bank, NJ-based Bollerman Development Corp., has acquired a 12.9-acre tract of land within Allaire Corporate Campus. The seller was Commercial Realty and Resources; the purchase price was not disclosed.
The new owner has also filled an existing 35,000-sf building on 4.73 acres within the parcel, signing Dialight Corp. to a lease for the whole building. Dialight, a unit of the UK-based Roxboro Group, produces circuit boards, instrument panels and LED displays. The facility will serve as its North American headquarters.
Monmouth Investors I also has all necessary approvals in place to develop up to 74,000 sf of space on the remaining 8+ acres involved in the latest purchase, although no project timeline has been announced. The 12.9-acre purchase is part of a 31-acre site, for which Monmouth Investors I has developed a master plan totaling 244,000 sf of class A office and flex space.
Monmouth Investors I’s financial partner in its ongoing transactions at Allaire Corporate Campus is Riveroak Investment Corp. The investment banking firm is based in Stamford, CT.