2 Executive Drive in Somerset — Courtesy: Zimmel Associates
By Joshua Burd
Denholtz Associates has sold a newly renovated, 83,300-square-foot office building in the Somerset section of Franklin, in a $6.8 million deal brokered by Zimmel Associates.
The real estate investment firm sold the property, located at 2 Executive Drive, to the Torsiello Organization after owning it for two years, Zimmel said in a news release. Known as Somerset Executive Square II, the complex is adjacent to another property that the buyer owns at 100 Davidson Ave.
Zimmel Associates CEO David Zimmel said he approached Anthony Torsiello, principal of the construction, development and property management firm, about 2 Executive Drive believing that it “could be an attractive and synergistic addition to their portfolio of quality properties.”
“We brokered the sale of the building to Denholtz two years ago and they named us exclusive leasing agent,” Zimmel said. “At that time the building was only 50 percent leased. Through our marketing of the building we brought the occupancy up to 85 percent leased, with no major vacancies to occur in the near future, which made the building more attractive to investors.”
Recent upgrades to the building include a lobby renovation and revamped elevator interiors. The property sits on five acres directly adjacent to the Somerset Marriott Hotel and is within walking distance of a major conference center, with easy access to Interstate 287 and several major highways.
Edison-based Zimmel Associates will continue to serve as leasing agent for the building under the ownership of the Torsiello Organization.
“We look forward to continuing to market the building and value our relationships with Denholtz Associates and the Torsiello Organization,” Zimmel said.