Middletown Plumbing and Supply Co. Corp. purchased its one-story industrial building in Monmouth County 20 years ago. Now, it’s offloaded the asset, taking advantage of current market conditions.
Zimmel Associates announced the sale of 70 Apple St. in Tinton Falls for $5.4 million Sept. 20. Situated on 2.8 acres, the 33,000-square-foot standalone building was purchased by another company also operating in plumbing industry, F.W. Webb.
According to Zimmel Associates, the timing of the sale also worked with Middletown Plumbing and Supply’s owner’s plans to retire. In addition to the property, F.W. Webb, a wholesale distributor of plumbing, heating and HVAC fixtures, purchased Middletown Plumbing and Supply Co.’s inventory.
Vice President Jordan Zimmel said the building drew a lot of activity. His firm’s relationship with the seller dates back 15 years.
Featuring 16-foot clear ceiling heights, two dock-high doors/loading and two drive-in grade-level doors, Middletown Plumbing and Supply – which used only 10,000 square feet – enlisted the Edison-based brokerage to lease the additional space. Zimmel, who handled leasing at 70 Apple St. for the past 12 years, secured The Academy of Dance Arts and CrossFit Shrewsbury as tenants; the former, which has an active lease, will continue to occupy space at the property.
According to the firm, F.W. Webb will take over all vacant space at the building.