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EATONTOWN, NJ-Bollerman Cos., based in Red Bank, NJ, has acquired Hovpark Business Park, a 115,000-sf, five-building commercial complex here. The asset is located at the entrance to the larger Eatontown Office/Industrial Park along Route 35 here.

The seller was a local partnership headed by members of the Hovnanian family. Terms of the transaction, including the sale price, were not disclosed, however, industry sources estimate that the asset traded for a number in the $10 million range.

Occupying an 11-acre site at the intersection of Route 35 and Industrial Way West, the complex consists of three two-story, 12,000-sf office buildings and two one-story office/flex buildings. The location is near both Monmouth Mall and Seaview Square Mall, and a couple of miles south of Fort Monmouth, which houses the New Jersey Center for Homeland Defense.

“This is a very attractive investment opportunity because of its central location, diverse and stable tenant base and strong market conditions,” says Bollerman president Jim Bollerman, who plans to rename the complex West Ridge Corporate Campus.

“Historically, the complex has experienced healthy leasing activity among small- and medium-sized companies, and we expect this positive trend to continue,” says Bollerman, who notes that the asset does currently have some space available.

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