Sheldon Gross Realty brokers deal for 28,000 s/f Asbury Park facility

June 5, 2017

 

ASBURY PARK, NJ — A 28,369 s/f former warehouse at 810 Sewall Ave. in Asbury Park, NJ has been purchased by Asbury Park Brewery.

The transaction process began when Sheldon Gross Realty, Inc. vice president Glenn Jaffe was engaged as marketing representative by the previous owner, Flexcraft Company. After multiple interested parties were considered, Asbury Park Brewery was selected to lease the location as a tenant. Then, with its business growing, Asbury Park Brewery optioned to purchase the building during the lease term. 

“It’s always very satisfying when a successful lease leads to the property being purchased,” Jaffe said. “Whenever that happens, it’s a favorable outcome for all parties involved.” 

In addition to having once been a warehouse, the building at 810 Sewall Ave. is also known for the Family Dollar Store location that occupies a portion of this property. 

“Identifying a property that ideally suits your client’s needs can be challenging,” Jaffe adds – and he speaks from experience. He recently also sold Flexcraft its new location, a 120,000 s/f building on 10 acres in Neptune City, NJ.

In other Sheldon Gross news, Sheldon Gross Realty, executive vice president Bob Nathin recently brokered the purchase of a 29,328 s/f building at 18-20 Industrial Rd. and the sale of a two-story, 16,000 s/f structure at 2 Industrial Rd.

“There’s intense interest in Fairfield right now, to a degree that’s rather uncommon,” Nathin said. “Multiple factors are involved, including limited commercial inventory, and both Route 80 and Route 46 run right through the town. In addition, Fairfield is just a 40-minute drive or one-hour bus trip from midtown Manhattan.”

The 18-20 Industrial Rd. property – which was occupied for the past decade by Glotel Inc. / Arete Development – was purchased by New Jersey-based Stro Companies, for $2,370,000 ($81 PSF).

Eastern Services purchased 2 Industrial Rd., which is located just a short distance from the company’s previous location. Utilized by Sprint/Nextel for the past two decades, the building’s first floor is 60 percent raised computer floor, while the second floor is entirely devoted to office space. The location sold for $810,000 ($50 PSF). 

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