Monmouth Junction, N.J. (January 5, 2022) – NAI Fennelly announces it has negotiated the sale of a 58,000-square-foot flex building located at 68 Culver Road in Monmouth Junction, N.J. for $5.575 million. NAI Fennelly’s Pat Dintrone represented the seller in the transaction with a private buyer represented by Doug Petrozzini, Senior Managing Director of Colliers.
Demonstrative of NAI Fennelly’s results-driven and client-focused approach to marketing a broad spectrum of property types, Dintrone was able to secure interest and close the deal on the seller’s behalf, resulting in a comprehensive end-to-end sale enabling him to find more time for golf.
The buyer plans to convert the entire building to lab usage and will occupy 30,000 square feet while leasing the remaining 28,000 square feet to other firms in the market for prebuilt lab space. The building features 318 parking spaces partially covered by a recently installed 1-megawatt solar system that powers the property and is well suited for office, research and development, drug manufacturing, assembly, or laboratory space.
“Advances in drug discovery and manufacturing have caused the market to see explosive demand for turnkey lab space across New Jersey,” said Dintrone. “This sale further highlights our ability to provide our clients with the guidance they need to capitalize on this market and help bring much-needed lab space to the local market.”