SOMERSET, NJ–Bussel Realty Corp. and Gramercy Real Estate Services have brokered the sale of 62 Veronica Avenue, a 99,000-square-foot distribution facility in Somerset, NJ. The property has been converted from an owner-occupied single-tenant property to a multi-tenant facility. The previous owner is leasing back its space for an ongoing rug business.
SV Investments, which leased back a portion of the building long-term for its rug business, sold the property for an undisclosed amount to 62 Veronica LLC. BRC senior vice presidents Robert Sager and David Blitt, and vice president Jordan Metz represented the owner in the transaction. Gramercy Real Estate Services represented the buyer.
“The 62 Veronica Avenue sale was a complex transaction with several challenges, including the purchaser's time constraints for closing the deal,” says Blitt.
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