Real Estate Journal — Spring Preview — April 25 - May 15, 2014 — 19A

M id A tlantic

By Glenn Jaffe, Sheldon Gross Realty, Inc. The road to recovery for Monmouth County P roperty M anagement


ort Monmouth finally closed its doors after nearly a century of

company is based in Ocean- port currently employing 500 people with future em- ployment of 1500 more jobs. • The sale of the former Lucent Technologies Build- ing at 480 Red Hill Rd. in Holmdel to Memorial Sloan Kettering Cancer Center will add 267 new health care jobs. •The redevelopment of the former Bell Labs facility and surrounding area into a mixed use Town Center with a 400,000 s/f ambula- tory care center will provide hundreds of construction and permanent jobs.

•Direct Success, on the Route 34 corridor in Wall Township, has added 100

is redeveloping the iconic “Freedman’s Bakery” into a hip new microbrewery in

diverse sectors of the econ- omy including technology, healthcare and the hospital- ity industries. Maybe this makes more sense, having a wider diversity of industries instead of relying on one economic engine that could be dismantled by an act of Congress. There is one thing for sure -that the sun and the surf will always keep peo- ple coming to Monmouth County. Glenn Jaffe is the se- nior vice president of Sheldon Gross Realty, Inc. n

operat ion, c r e a t i n g an ‘aura of sadness’ for many who had spent t h e i r c a - reers there along with grief strick-

“The revitalization of the economy has been the result of a lot of smaller wins from diverse sectors of the economy including technology, healthcare and the hospitality industries.”

new jobs to their labor force. •Savenergy, Inc. is a high tech firm, based in Long Is- land, will be adding 65 high paying tech jobs to the Mon- mouth County workforce to launch the next generation of LED Lighting. •Beach Haus Brewery

Belmar. Perhaps the hope was that a major company or institu- tion would bring their entire workforce to Monmouth County and save the day, but the revitalization of the economy has been the result of a lot of smaller wins from

Glenn Jaffe

en lawmakers, neighboring township officials and tax- payers who mourn the loss of the economic engine for the local Monmouth County economy. After all, the coun- try was slowly recovering from the worst economic downturn in our nation’s history since the Great De- pression and it was very difficult to feel optimistic about our collective future. Many took for granted what the fort did for our eco- nomic lives! The immediate impact of the Fort closing was the reduction of 9,737 jobs, 5,272 directly on the base and 4,465 who were indirectly affected. The Fort also had a far ranging effect on the region supporting 22,000 jobs with an econom- ic impact of $2.5 billion on the state’s economy. More importantly, the average annual salary of the civil- ian workers on the fort was $85,400. The big question on everyone’s mind, was could these high paying jobs be replaced and just how soon? It’s been nearly two and a half years since September 15th, 2011, the official date of Fort Monmouth’s clos- ing, and I was interested in knowing how far we have come in stemming the tide of this great loss, and if we were on the road to recovery. At a recent Mon- mouth Ocean Development Council (MODC) meeting of the Economic Development Committee, Amy Fitzger- ald, Director of Economic Development for Monmouth County, spoke about local companies as well as new companies moving into the area and bringing new jobs. Some of these success sto- ries are: •Commvault, native to Monmouth County, is con- structing a 650,000 s/f head- quarters campus on 55 acres in Tinton Falls on the Fort Monmouth property. The

Bigger is n’t always better.

We Have The Perfect Location For Your Business

You don’t need a large brokerage firm. You need a firm which understands your business and real estate needs and can give you personal service and attention.

Experience – Knowledge – Success Since 1962

SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com

WALL TOWNSHIP – FOR SALE OR LEASE FLEX BUILDING – OFFICE/WAREHOUSE 54,000+/- Square Feet Excellent location. Business park area.


WALL TOWNSHIP - FOR LEASE OFFICE/FLEX BUILDING 8,900+/- square foot unit available. Can be reconfigured to suit your needs. Distinctive image in a corporate park setting.

25,177+/- square feet Corporate image building.

Ideally located between Route 1, Route 130 and NJ Turnpike.

WALL TOWNSHIP – FOR LEASE PROFESSIONAL OFFICE SPACE HIGHWAY VISIBILITY 12,000+/- square feet. Entire second floor. Will divide. Excellent window line.



6,800+/- Square Foot free-standing building.

Professional office space. Perfect for a small company who wants their own building.

Great visibility location on Route 34.

The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.

For information on these or other New Jersey properties please contact Sheldon Gross Realty, Inc. at 973-325-6200 or see our website at www.sheldongrossrealty.com

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