RADAR Properties Closes on Tinton Falls Parcel, Plans to Bring Technology Company to Fort
Earlier in February, less than four months after signing a Purchase and Sale Agreement & Redevelopment Agreement with the Fort Monmouth Economic Revitalization Authority (FMERA), RADAR Properties, LLC closed on an approximately 12.25-acre parcel of land located near CommVault in the Fort’s Charles Wood Area in Tinton Falls.
The property includes Building 2525, an 86,400-square-foot, two-story former administration building. Radar Properties intends to lease 30,000 square feet of space within the building to its affiliate Aaski Technology, a defense contractor and communications engineering firm with offices around the United States that NJBIZ ranked as the seventh-fasted growing company in New Jersey in 2014.
Aaski Technology is currently headquartered in Ocean Township, and leases additional space in Eatontown and Aberdeen, Maryland. By consolidating its New Jersey operations at Fort Monmouth, rather than moving to Maryland, Aaski Technology plans to retain 105 jobs in the Garden State and create an additional 25 jobs at Fort Monmouth by 2018. FMERA anticipates that the remaining 56,400 square feet of property within Building 2525 will accommodate Aaski’s potential growth, with RADAR seeking to lease any excess space to other technology companies.
“We’ve said for some time that 2016 is going to be a banner year for Fort Monmouth’s redevelopment and RADAR’s closing on Building 2525 is another step in this ongoing process,” FMERA Executive Director Bruce Steadman said. “With TetherView recently setting down roots on the Fort, and RADAR Properties leasing space to Aaski Technology, we’re steadily working toward our goal of creating a technology hub on Fort Monmouth.”