200 Franklin Square Drive in Somerset — Courtesy: Axria
Editor’s note: This story was updated Monday, Sept. 29, with additional information from JLL, which brokered the sale of the property at 200 Franklin Square Drive in Somerset.
By Joshua Burd
Axria has purchased a 200,000-square-foot office building in the Somerset section of Franklin, where it’s now crafting a redevelopment plan that taps into the site’s strong location.
The firm, which is based in nearby Piscataway, paid an undisclosed sum in the deal at 200 Franklin Square Drive after winning what it said was a highly competitive auction process with more than 75 bidders. It acquired the former Philips Electronics building with more than 75,000 square feet preleased and 125,000 square feet available, the company said, providing a blend of stability and opportunity with potential uses such as continued office leasing or future industrial or warehousing applications.
JLL senior managing directors Jose Cruz and Jeremy Neuer, Senior Director Ryan Robertson and managing directors Nicholas Stefans and Jason Lundy represented the seller and procured the buyer. Axria noted in a separate release that it owns six assets in Somerset, while its former headquarters is at nearby 100 Franklin Square Drive.
“We intend to redevelop this property to its highest and best use, creating significant value for the market,” Axria CEO Chandra Mandalapu. “We see tremendous opportunity ahead. Our team is actively working on it.”
The firm, whose team includes architects, engineers, financial analysts and asset managers, said the deal advances its strategy of identifying high-potential properties and transforming them into assets that align with market needs, strengthen communities and generate durable returns. Its belief in 200 Franklin Square Drive stems in part from its proximity to Interstate 287 and strong regional connectivity.
JLL, meantime, noted that the 12.19-acre site is zoned for a broad range of commercial uses, including office, medical, educational and light industrial, offering flexibility for the new owner.
“This opportunity was unique as a former headquarters, but also a blank canvas with numerous possibilities for future use,” Cruz said. “We are bullish on Axria’s business plan going forward.”
Neuer added: “The quality of the asset attracted a wide range of investors in what has become a tight market in the last few years. Given the redevelopment of over one million square feet of office to industrial, the shrinking market has created a lack of supply for true Class A office in Frankin Township and the surrounding towns.”
Somerset office building, primed for industrial redevelopment, hits the market for sale
