300 Franklin Square Drive — Courtesy: Marcus & Millichap
By Joshua Burd
A vacant 67,000-square-foot flex building in Somerset County has traded for $6.25 million, in a deal brokered by Marcus & Millichap’s New Jersey office.
The buyer of the property, located at 300 Franklin Square Drive in the Somerset section of Franklin, now plans to occupy the entire building for its own business, Marcus & Millichap said Tuesday. The property includes 37,000 square feet of warehouse space with 26-foot clear heights, three in-door loading docks and a decommissioned clean room, plus a 30,000-square foot office component.
Fahri Ozturk and Tyler Van Wagoner, investment sales specialists in the brokerage firm’s Saddle Brook office, marketed the property on behalf of the seller.
“Through Marcus & Millichap’s national exposure, we were able to align an all-cash buyer who paid a premium for the property due to the value they will derive from occupying the entire building,” Ozturk said in a prepared statement. “The demand for quality flex and warehouse space with convenient accessibility in (northern New Jersey) remains incredibly strong.”
Brian C. Hosey, regional manager of the New Jersey office, said 300 Franklin Square features a grand entrance, private offices, cubicles, event halls and an employee kitchen. Sitting at an intersection with Davidson Avenue, the property is within a commercial park that is home to the Garden State Convention Center.
