An undeveloped, 47-acre site in Monmouth County’s Wall Township has been sold by West Orange-based, Sheldon Gross Realty, Inc. Purchased for an undisclosed sum by Mack-Cali Real Estate Corporation, this acreage has been approved for office and industrial use with a maximum size of 275,000 square feet.
Mack-Cali owns a large office/industrial park immediately adjacent to the 47-acre site.
“This particular parcel of land was in my family for more than a century, and our goal had always been to maximize its potential,” notes Sheldon Gross, president of Sheldon Gross Realty, which offers services including office, industrial and retail brokerage; tenant representation; property and asset management; and consulting. “We began developing other acreage in the area years ago, with the construction of various office and industrial buildings. All of them have been extremely successful, and I’m confident this site will prove to be a terrific purchase for Mack-Cali.”
Commercial space in the Wall Township area is currently at a premium. Sheldon Gross Realty is now offering a 60,000-square-foot, fully-occupied flex building at 5100 Belmar Boulevard, and is seeking a tenant for a 2,500-square-foot office suite within a 24,000-square-foot building at the intersection of Route 34 and Belmar Boulevard.
“When it comes to investment opportunities in commercial real estate, Wall Township is an outstanding location,” Gross adds. “It’s a vibrant, growing area, and the demand for office locations is tremendous. Anyone who’s able to purchase commercial property here will do very well.”Related Articles: