Developer Buys 790,000-SF Industrial Building

ABERDEEN, NJ-Somerset Development LLC has acquired a 790,000-sf industrial facility on Cliffwood Avenue in the Cliffwood section of this Monmouth County township. The deal was arranged by Martin Kreiman, senior vice president of the Teterboro, NJ-based Binswanger/Klatskin, who represented both Somerset Development and the seller, Anchor Glass Container Corp.

Terms of the transaction, including the sale price, were not disclosed. However, industry sources say the facility likely traded for a number in the $30-million range. “This single-story warehouse building represented one of the largest building sales in Monmouth County in quite some time,” Kreiman says.

And the site apparently has a major makeover in its future. The Tampa, FL-based Anchor Glass had utilized it for manufacturing purposes for a number of years, before converting it to warehousing and distribution use more recently. At one time, the company was this community’s largest taxpayer.