34 East Somerset St. in Raritan Borough — Courtesy: Calabrese Development Group
By Joshua Burd
Calabrese Development Group has acquired a commercial building in Raritan Borough that will serve as its new headquarters while providing long-term redevelopment potential.
The firm said the property, 34 East Somerset St., spans 9,000 square feet and has TD Bank as its longtime anchor tenant. It purchased the downtown asset for what it described as “an attractive basis” and executed two new office leases at closing, one for Calabrese Development to owner-occupy half of the ground-floor vacancy and another with a basement user, increasing occupancy from roughly 40 percent to nearly 85 percent after the transaction.
Deborah Labbadia of Coldwell Banker was a co-listing agent alongside David Laiter of EquityCRE, Calabrese said. The firm added that it capitalized the transaction through a combination of private equity and traditional financing from First Bank, adding that the property sits on an oversized half-acre lot just a five-minute walk from NJ Transit’s Raritan station, offering main street frontage within downtown, dual street access and ample on-site parking.
“With strong in-place tenancy, broad zoning capabilities and a large lot size that supports greater density over time, the asset offers tremendous long-term redevelopment potential in a transit-oriented suburban main street poised for growth,” Calabrese wrote in a recent LinkedIn post. “The future looks bright.”
