60 Jiffy Road in Somerset — Courtesy: Atlantic Real Estate Services
By Joshua Burd
A maker of natural ingredients and chemicals has sold its 120,000-square-foot warehouse in Somerset County for $15.6 million, under a transaction by Atlantic Real Estate Services.
The brokerage firm last week announced the sale of 60 Jiffy Road in the Somerset section of Franklin. The now-former owner, Jorchem LLC, sold the property as part of a non-conventional 1031 tax-free forward improvement exchange and will relocate its operating business, Universal Preserve-a-Chem, to a warehouse and repackaging plant in Mebane, North Carolina.
An entity listed as 60 Jiffy Road LLC acquired the Somerset building, which sits on 8.84 acres and has a clear ceiling height up to 27 feet, modern sprinklers and some 7,000 square feet of office space, Atlantic said. The buyer will use the facility for their business operations.
Atlantic Senior Vice President Rich Greenberg represented the seller in the sale of 60 Jiffy Road and in its acquisition of the 125,000-square-foot building in North Carolina. According to the brokerage, Jorchem’s new facility will provide Universal with the ability for both palletized and liquid bulk storage, white room repackaging of natural ingredients and chemicals for the food, cosmetic and pharmaceutical industries.
“Rich did an outstanding job putting together and coordinating all the moving pieces to this very complex transaction,” said Ed Dudzinski, president of Atlantic. “He did a great job marketing 60 Jiffy Road, finding the buyer, and negotiating the terms of the sale. In addition, to make that sale possible Rich also did a fantastic job conducting a multistate search and helping Jorchem analyze numerous alternatives.
“This also involved his negotiating about ($1 million) in economic incentives and the terms of a build-to-suit lease with forward purchase commitment for the new facility in North Carolina,” he added. “During the build to suit process, as usual for his clients, Rich remained extremely involved in coordinating the complexities of the facility design, and subsequent construction, to assure the project’s success.”
