An aerial photo of 1001 Durham Ave. in South Plainfield, NJ.

SOUTH PLAINFIELD, NJ—Edgewood Properties has acquired the vacant 104,020-square-foot office building at 1001 Durham Ave. here.

The Piscataway, NJ-based real estate and property development company purchased the property from ConnectOne Bancorp, Inc. 1001 Durham Ave. is currently managed and operated by a court-appointed receiver.

The JLL Capital Markets team that included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato, represented ConnectOne Bancorp in the transaction.

No financial terms of the transaction were disclosed.

“This is a great location with access to the highways and a significant labor pool,” Cruz said. “The asset has significant upside both in its current use as well as a potential redevelopment.”

1001 Durham Ave. offers an opportunity to upgrade the property to reposition and lease-up as a single-tenant or a multi-tenant office building or be a redeveloped into an industrial facility in the highly desirable West I-287 Industrial submarket, JLL states.

The property, constructed in 1986 and renovated in 2010, features a three-story atrium, flexible floor plans and parking. Situated on five acres, the property is centrally positioned near Interstates 287 and 95 and Routes 1 and 22, which allow distributors to reach more than one-third of the U.S. population within a one-day drive.

The building is located approximately 20 miles from the Port Newark/Elizabeth Marine Terminal and about n25 miles Newark Liberty International Airport.

The deal was secured by Holliday Fenoglio Fowler LP prior to being acquired by JLL on July 1, 2019.