FRANKLIN TOWNSHIP, NJ−CBRE Group just sold a 15-acre tract within an industrial park here that is eligible for any type of non-residential use.
“We're especially excited about this sale because of the unique potential uses that exist here,” said Charles Berger, a member of CBRE's team that worked on the deal. The property is located at 600 Atrium Drive.
“Because it is strategically located among a multitude of fully-developed and developing commercial properties, the buyer is in an ideal position to build anything from a day care or health center to a hotel or office building,” Berger said.
Neither the price paid nor the identity of the out-of-state buyer was disclosed. The buyer closed the sale very quickly without financing or contingencies, he said.
Berger and Elli Klapper of the CBRE's private capital group and Artie Weiss and Sandra Herman of brokerage services represented the seller and found the buyer.
The land is off Exit 10 of State Route 287 in Somerset County, situated about 35 minutes from Midtown Manhattan and 15 minutes from Newark Liberty Airport and Port Elizabeth/Newark. It is very close to the Garden State Convention and Exhibit Center.
The immediately surrounding area is home to 4.7 million square feet of office development, 8.9 million square feet of industrial development and numerous retail establishments. There are more than 110,000 people living within a four-mile radius. The median household income within a two mile radius is $89,500.
The site is zoned for Corporate Business District uses, but town planners have said they will consider anything but residential.
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