Zimmel Associates on Friday said it handled the sale of a 68,500-square-foot industrial property in Eatontown to Denholtz Properties, who then leased the property to Steron Packaging in a 10-year agreement.
Located at 200 Industrial Way West, the one-story, free-standing building sits on 4.5 acres and was recently renovated by Denholtz. It has 24-foot ceiling heights, tailboard loading and heavy power, was freshly painted and has epoxy floors.
In a strange turn of events during the COVID-19 pandemic, Zimmel came across Steron Packaging, which is based out of Eatontown, and recently entered into a contract with the government to package hand sanitizers.
Steron Packaging came in and loved building, which it said only needed a minor alteration—office space to be built out. Denholtz Properties was able to secure permits immediately for the tenant because they are providing an essential service for the government. They were then able to quickly take occupancy.
“Considering the challenges in this environment and the conditions in the marketplace, we were thrilled to find a tenant providing an essential service for the government,” said David Zimmel. “The space was perfect for them, everyone was happy.”
Zimmel Associates is currently marketing the remaining 37,000 square feet, which can be leased as one unit, or divided into a 12,000-square-foot unit and a 25,000-square-foot unit.
Denholtz and Steron were both represented by Sitar Realty.