EATONTOWN, NJ-The Modlin Group’s Private Equity Group has picked up a two-building office/R&D complex occupied by industrial conglomerate Tyco Corp. here from Townsend Capital. The complex totals 130,000 sf, and the sale price of $39 million factors out to $300 per sf. The Towson, MD-based Townsend Capital developed the complex as a build-to-suit for the Princeton- and Bermuda-based Tyco Corp., completing it in 2002.

“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 purchase assets in high-growth markets across the country.”

The complex consists of a main 100,000-sf building and a 30,000-sf annex, situated on eight acres in Monmouth County, near the oceanfront city of Long Branch. The address is 260-270 Industrial Way West within the Eatontown Industrial Park. Tyco also occupies the adjacent 138,000-sf 250 Industrial Way West, a build-to-suit similarly done by Townsend Capital and completed in 1998. The latter building was not part of the transaction.

Modlin’s newly acquired asset is net leased to Tyco through 2022; the complex is used by Tyco Telecommunications Laboratories for office and R&D purposes. Tyco Telecom, which specializes in undersea fiber optics and was once part of Bell Labs, has approximately 200 staffers on-site.

The Modlin Group, headed by brothers Avery and Adam, is a boutique real estate firm that operates the Private Equity Group and a residential brokerage. The Private Equity Group, new owner of 260-270 Industrial Way West, “gives a select group of investors access to lucrative opportunities closed to the general public,” according to the firm’s website. The firm lists famous athletes, celebrities and corporate execs among its clientele.

No outside brokers were involved in the latest transaction.

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