By Joshua Burd
A private investor has acquired a combined 10 apartments and four commercial spaces in Raritan Borough as part of a two-building portfolio sale arranged by NAI DiLeo-Bram & Co.
Kelly Bayer, an associate vice president with the brokerage firm, represented the unnamed seller in the transaction at 54 and 13 West Somerset St. She said the portfolio, which includes a shared parking lot, drew interest thanks in part to its location in the borough’s main business district and its proximity to retailers, commuter rail service, open space and amenities in an area that has seen a flurry of new development in recent years.
Terms were not disclosed.
“This portfolio represented a unique opportunity for an investor seeking exposure in a town that is growing rapidly in both population and commerce,” Bayer said. “While both properties are in excellent condition, they also anchor a prominent corner in Raritan’s blossoming central business district. As a result, the portfolio has a sustained upper-tier occupancy rate, underscoring its enduring appeal and sought-after locale.”
Located at the corner of West Somerset and Wall streets, the buildings are a five-minute walk from NJ Transit’s Raritan station, NAIDB said. Nearby retailers include a florist, a bridal boutique, restaurants, hair salons and barbers and a coffee house, while tenants also have easy access to the town’s public library, Duke Farms and parks along the Raritan River.
The firm added that new projects such as the Crossings at Raritan Station and The Lena have fed a growing population pipeline in the borough, which touches key corridors such as Route 202 and Route 28 and borders municipalities such as Bridgewater and Somerville.
