1001 Durham Ave. in South Plainfield — Courtesy: JLL
By Joshua Burd
Edgewood Properties has acquired a vacant 104,020-square-foot office building in South Plainfield, the highly visible site of a former headquarters property along Interstate 287.
Brokers with JLL announced the sale of the building, 1001 Durham Ave., after marketing it on behalf of ConnectOne Bancorp Inc. Currently managed and operated by a court-appointed receiver, the complex is the former U.S. corporate home of luggage maker TUMI Inc.
The JLL capital markets team involved in the deal included Senior Managing Director Jose Cruz and directors Marc Duval and Jordan Avanzato. They cited the potential to reposition 1001 Durham Ave. by upgrading and leasing up the property, to either a single tenant or multiple tenants, or by redeveloping it into industrial space.
Terms were not disclosed.
“This is a great location with access to the highways and a significant labor pool,” Cruz said. “The asset has significant upside both in its current use as well as a potential redevelopment.”
The property, which was constructed in 1986 and renovated in 2010, features a three-story atrium, flexible floor plans and ample parking, JLL said. The complex sits on five acres along I-287 and provides easy access to the New Jersey Turnpike and routes 1 and 22.
Redeveloping the site would allow Edgewood, which is based in nearby Piscataway, to tap into one of the state’s fastest-growing industrial submarkets along I-287. The site is roughly 20 miles from Port Newark-Elizabeth.
The capital markets team is formerly of HFF, which was recently acquired by JLL, the firm said. The brokers secured the deal prior to JLL closing its acquisition on July 1.
