“This is exactly the type of deal that differentiates Denholtz Associates in the marketplace and that really drives our entire team who are dedicated to doing what other companies can't or won't,” says Steven Denholtz, CEO of Denholtz. “This was an opportunistic challenge, and we committed up front to putting in the necessary work and allocated our resources and in-house capabilities to make this deal work for us. We were able to acquire the site at a steep discount and revitalize a property that has sat dormant for 15 years making it safe for the community and future tenants while providing a strong return on investment for our investors.”

Denholtz has already begun marketing the property for sale or lease.

“The bulk of the construction work will be finished by the end of summer, 2016, which is when interested tenants will be able to move in. We will continue to work on the site's environmental ground water issues,” Denholtz says. “As part of our agreement with the NJDEP, we will reduce concentrations of volatile organic compounds in accordance with DEP's standards. We hope to complete this in the very early part of 2017.”

FRANKLIN TOWNSHIP, NJ—Denholtz Associates has acquired 655 Howard Avenue in Franklin, NJ, the 74,325 -square-foot former manufacturing home of Acme Tube. The building was in foreclosure, and has been vacant for a number of years. Denholtz has acquired the building after developing a plan for environmental remediation and renovation.

Based on its extensive knowledge of the Somerset industrial market and in-house capabilities to enter into a creative agreement with the note-holder, BRE2, a subsidiary of Beal Bank, Denholtz committed to conducting the remedial investigation of the land and agreed to acquire the property following an extensive 18-month assessment of the scope of the environmental issues facing the site.

“We have begun the renovation of the interior and exterior,” Steven Denholtz, CEO of Denholtz Associates, tells GlobeSt.com exclusively. “When complete, this former manufacturing facility will function as a Class A warehouse/distribution and light manufacturing building. Our renovations include exterior paint, new glass, new roof and metal as well as a new 1600-amp, 3-phase electric, a new energy efficient T-5 lighting system and new unit heaters throughout the warehouse. We are installing new landscaping and fencing as well. We are also creating 10,000 square feet of office space for what will be a prime one-or-two tenant property in a very strong submarket with little vacancy.”

Denholtz received a grant from the NJ Department of Environmental Protection for remediation of the site and will invest $1.5 million into a complete rehabilitation of the property including a new roof, heating, lighting, landscaping, electric, parking lot and paint.

“This is exactly the type of deal that differentiates Denholtz Associates in the marketplace and that really drives our entire team who are dedicated to doing what other companies can't or won't,” says Steven Denholtz, CEO of Denholtz. “This was an opportunistic challenge, and we committed up front to putting in the necessary work and allocated our resources and in-house capabilities to make this deal work for us. We were able to acquire the site at a steep discount and revitalize a property that has sat dormant for 15 years making it safe for the community and future tenants while providing a strong return on investment for our investors.”

Denholtz has already begun marketing the property for sale or lease.

“The bulk of the construction work will be finished by the end of summer, 2016, which is when interested tenants will be able to move in. We will continue to work on the site's environmental ground water issues,” Denholtz says. “As part of our agreement with the NJDEP, we will reduce concentrations of volatile organic compounds in accordance with DEP's standards. We hope to complete this in the very early part of 2017.”