"We believe this is a compelling investment for our investors,"says Avery Modlin, CEO of the New York City-based Modlin Group."This acquisition fits squarely within our strategy to purchaseassets in high-growth markets across the country."

The complex consists of a main 100,000-sf building and a30,000-sf annex, situated on eight acres in Monmouth County, nearthe oceanfront city of Long Branch. The address is 260-270Industrial Way West within the Eatontown Industrial Park. Tyco alsooccupies the adjacent 138,000-sf 250 Industrial Way West, abuild-to-suit similarly done by Townsend Capital and completed in1998. The latter building was not part of the transaction.

Modlin's newly acquired asset is net leased to Tyco through2022; the complex is used by Tyco Telecommunications Laboratoriesfor office and R&D purposes. Tyco Telecom, which specializes inundersea fiber optics and was once part of Bell Labs, hasapproximately 200 staffers on-site.