By Joshua Burd
IDI Logistics has acquired two properties in the Somerset section of Franklin that it now plans to redevelop as a new high-end warehouse and distribution facility.
The Atlanta-based firm on Tuesday said the parcels, 195 and 215 Davidson Avenue, total about 13 acres just off Interstate 287. Both are home to existing buildings that are now poised to come down, making way for an undisclosed amount of industrial space amid a recent influx of adaptive reuse projects in the township.
The larger property, 195 Davidson Ave., is the site of a vacant hotel that was listed for sale by Garay Real Estate as an industrial development opportunity. The adjacent site at 215 Davidson is home to a 25,000-square-foot industrial building that previously changed hands in 2018.
“This site’s proximity to I-287, one of the New Jersey’s major highway systems, and its access to a deep and well-educated labor force make the location an ideal choice for users,” said Justin Burns, IDI’s Northeast market officer. “Furthermore, the centralized location in New Jersey provides the opportunity for users to service customers on a local and regional basis.”
CBRE’s Elli Klapper, Kevin Dudley, Chad Hillyer, Mark Silverman, Jeremy Wernick, Charles Berger and Nick Klacik represented IDI in the deal, which follows the firm’s recent purchase of defunct office properties in Piscataway and Ewing, both of which are now slated to become new ground-up industrial developments. Additionally, the company this year signed a full-building, 111,000-square-foot lease at a new newly built logistics facility in Passaic, reportedly with Lowes.
In Franklin, IDI joins a growing list of developers that could help revitalize the town’s glut of aging suburban office space, with the support of local officials that recently rezoned its 500-acre business district to help streamline new projects. As of February, the municipality had more than 4 million square feet of industrial space in its development pipeline, with a growing list of plans that call for razing and repurposing the outdated commercial buildings.