According to the website NJBiz.com, it was announced that the Fort Monmouth Economic Revitalization Authority [FMERA] announced that it has purchased the remaining 560 acres of Fort Monmouth tracts held by the U.S. Army.

The property was purchased for a single payment of $33 million.

FMERA’s redevelopment is already underway and is looking to attract investments and employment opportunities to the region, which was significantly impacted by the closure of the fort back in September 2011.

FMERA will be working with the county freeholders and the mayors of the three boroughs to foster the new development options that will bring employment and commerce back.

The funding for the second phase of this purchase came from two series of notes issued by the Monmouth County Improvement Authority.

The former post is surrounded by the communities of Eatontown, Tinton Falls and Oceanport, New Jersey and covers nearly 1,126 acres of land.

At this point, Commvault, a global cloud company, was the first company to locate itself on the property grounds and has invested over $100 million to complete Phase I of its world headquarters, where it currently employs more than 900 people.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.