273 Franklin Road in Randolph — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
Commerce Park Investors has acquired a 28,000-square-foot warehouse in Randolph for $4.5 million, in one of five newly announced deals by Resource Realty of Northern New Jersey.
According to the brokerage team, which represented the buyer, the property at 273 Franklin Road was originally designed as an industrial condominium with individual units of 2,600 square feet and separate metering, a loading dock and office space. The East Hanover-based buyer is now returning to that strategy after purchasing the building from the undisclosed buyer, which had acquired the separate units over a period of time.
Commerce Park Investors has also retained Resource Realty as the sales agent for the property, which is a mile from both Route 10 and Route 46.
“The purchaser immediately began refurbishing the building to bring it back to its original use,” RRNNJ Principal Tom Consiglio said. “Improvements include new entrances, façade enhancements, a parking lot upgrade, office space renovations and all new utilities. This is a rare investment opportunity for a user/owner small business to acquire space of this size and quality in Morris County.”
In a second sale, RRNNJ principals Greg Sabato and Brian Wilson represented a private seller in the $3 million trade of a 12,000-square-foot flex and light manufacturing building in Fairfield. The property at 19 Gloria Lane drew interest thanks to its versatile space, which is suitable for a wide range of uses, and strong curb appeal enhanced by well-manicured landscaping.
Meantime, Sabato and RRNNJ Principal Scott Peck represented both the landlord and the tenant in a new 16,269-square-foot industrial lease at 5 Just Road in Fairfield. The occupier, a video production company, is expanding its operations within the immediate area.
The brokerage firm’s other recent leasing activity includes two renewals by Wilson and Peck at a property in Rockaway Township. They represented an unnamed landlord in the 17,500- and 15,000-square-foot leases.
