200 Franklin Square Drive in Somerset — Courtesy: JLL
By Joshua Burd
A vacant 200,000-square-foot office building in Somerset County is on the market for sale, providing what brokers say is a redevelopment opportunity in a growing industrial submarket.
JLL, which is marketing the property, is seeking a buyer for a site that that spans 12.19 acres off Easton Avenue in the Somerset section of Franklin. Located at 200 Franklin Square Drive, the property has been used as a single-tenant office building for Philips Electronics but will be delivered vacant upon sale, with zoning that includes warehouse and distribution, data centers, self-storage and other uses.
The brokerage team also cited the property’s location about a mile from Interstate 287, which has emerged in recent years as a new corridor for industrial buildings due in part to its quick access to the New Jersey Turnpike. According to JLL, Somerset County has 37.9 million square feet of logistics space overall and roughly 3.3 million square feet delivered since 2010.
“The Somerset industrial submarket has experienced a 4 percent annual increase in base rent over the past decade and 7.1 percent year to date,” JLL wrote in its offering materials. “Given the limited supply, lack of developable land and historic demand, industrial product is poised to continue rent growth especially for quality, Class A product.”
The JLL capital markets team on the assignment includes Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Nicholas Stefans and Alexander Alfier, along with Matthew Pizzolato of the firm’s debt and equity group.