1090 King Georges Post Road in Edison — Courtesy: Zimmel Associates
By Joshua Burd
Denholtz Properties has sold a 12-building, 122,000-square-foot office complex at the edge of Edison’s Raritan Center for nearly $50 million, in a deal arranged by Zimmel Associates.
In a news release, the brokerage firm said it completed the transaction at 1090 King Georges Post Road nearly 30 years after Denholtz purchased the property. The complex is now in the hands of Federal Business Centers, which paid $49.75 million in the deal and is expected to pursue a redevelopment plan that would tap into the booming industrial market.
Zimmel Associates President David Zimmel brokered the transaction, noting that his firm has been based at the property and has served as its leasing agent during the past three decades.
“Over the next two to three years, as existing leases conclude and the approvals from local authorities are secured, Federal Business Centers is excited to embark on this redevelopment journey,” Zimmel said. “During this transformative phase, we are honored to have been retained to oversee office leasing activities.”
Federal Business Centers, a prominent owner in the sprawling Raritan Center development, completed the acquisition last month, according to a news release. Zimmel noted that 1090 King Georges Post Road occupies a prime position at the forefront of the industrial park, which is home to the likes of Amazon, Arizona Iced Tea, Fuji, Domino’s Pizza and FedEx.
It also provides quick access to a host of major highways, including the Garden State Parkway, Interstate 287, the New Jersey Turnpike and routes 1 and 9.