425-429 Elizabeth Ave. in the Somerset section of Franklin — Courtesy: CBRE
By Joshua Burd
An investment fund has acquired more than 15 acres in the Somerset section of Franklin, where it plans to break ground next year on a new 176,000-square-foot industrial building.
According to CBRE, which arranged the sale, the property consists of two recently rezoned parcels at 425-429 Elizabeth Ave. The Brookfield Asset Management fund paid an undisclosed sum for the sites, which total 15.29 acres.
“This deal once again demonstrates Brookfield’s desire and outlook for industrial product within the Somerset market and throughout the state of New Jersey,” said CBRE’s Mark Silverman, who represented the buyer alongside Elli Klapper, Charles Berger, Bill Waxman, Kevin Dudley and David Gheriani, also of CBRE, in the off-market deal.
Dudley added: “The rezoning of 425-429 Elizabeth Avenue for industrial use is part of a developing trend in New Jersey and across the country by forward thinking municipalities in an effort to add industrial uses to their master plans to revitalize local economies. This transaction is also a further illustration of the paradigm shift in supply chain and last-mile delivery that was accelerated during the pandemic.”