Braha Properties has sold a fully entitled development site at 110 Belmont Drive in Somerset, where plans call for a 151,756-square-foot industrial facility. — Rendering courtesy: Cushman & Wakefield
By Joshua Burd
Dermody Properties has purchased a Franklin Township development site with approvals to build nearly 152,000 square feet of new industrial space, according to Cushman & Wakefield.
In a news release, the brokerage team said it represented Braha Properties in its sale of the parcel at 110 Belmont Drive, which sits along Interstate 287. Dermody paid an undisclosed price for the fully entitled, 7.84-acre site in the town’s Somerset section, with plans to deliver a 151,756-square-foot facility in the fourth quarter of this year.
Cushman’s Gary Gabriel, Kyle Schmidt and Ryan Larkin, in coordination with industrial leasing experts Mindy Lissner and David Gheriani, brokered the sale.
“110 Belmont represents great execution for our client who successfully repositioned and entitled what was Class C office product into a modern warehouse facility,” Schmidt said. “The highly competitive marketing process led to multiple rounds of bidding, and Dermody Properties is well positioned to capitalize on the current supply and demand imbalance with a right-sized, highly efficient, to-be-built Class A distribution center along the sought after I-287 corridor.”
C&W said that, upon completion, the property will have a 40-foot clear ceiling height, 30 loading positions and parking 93 cars and 24 vans. With its proximity to I-287, tenants are minutes from Interstate 78, the New Jersey Turnpike and other highways.