The longtime owner of a nearly 90,000-square-foot office building in Franklin Township has sold the property for $7.5 million, brokers with Marcus & Millichap said Monday.
Another aging New Jersey office property could soon become industrial space, following a developer’s purchase of a 15-acre site in Franklin Township for nearly $31 million.
An investment manager has acquired a nearly 126,000-square-foot industrial building in Somerset County, marking its third such purchase in the region in two months.
Developers are on track to remove nearly 9 million square feet of obsolete office space in New Jersey, as they repurpose the sites with in-demand uses such as industrial and apartments.
A home fashions distributor has acquired a 60,000-square-foot industrial building in the Somerset section of Franklin, in a newly completed transaction by GM Realty Advisors Inc.
An investment fund has acquired more than 15 acres in the Somerset section of Franklin, where it plans to break ground next year on a new 176,000-square-foot industrial building.
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.
