CBRE Group Inc. Completes Sale of 600 Atrium Drive in Franklin Township
-Deal Closes for 15+ Acres of Development Opportunity-
SADDLE BROOK, NJ. (March 24, 2014) –CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced that it has completed the sale of 600 Atrium Drive, a 15+ acre opportunity for development located in Franklin Township, for an undisclosed price.
Charles Berger and Elli Klapper, of the Private Capital Group, along with Artie Weiss and Sandra Herman of Brokerage Services in New Jersey, represented the seller and procured the buyer in the transaction.
The out-of-state buyer closed within a short timeframe without financing or any contingencies for the Somerset County property.
The vacant tract of land, situated within a major office park, is strategically located at Exit 10 of State Route 287 and sits approximately 35 minutes from midtown Manhattan and 15 minutes from Newark Airport and Port Elizabeth/Newark. The immediate surrounding area is home to 4,677,469 square feet of office development, 8,867,868 sq. ft. of industrial development and numerous retail establishments.
Coming into the deal, the seller’s interest was to maximize the value of the asset. While the site is zoned for Corporate Business District uses, the town has indicated a willingness to consider any non-residential use.
“We’re especially excited about this sale because of the unique potential uses that exist here,” said Mr. Berger. “Because 600 Atrium Drive offers upwards of fifteen acres of land and is strategically located among a multitude of fully-developed and developing commercial properties, the buyer is in an ideal position to build anything from a day care or health center to a hotel or office building at the location.”
The property is located within minutes of the Garden State Convention and Exhibit Center. There are more than 110,000 people within a four mile-radius. Additionally, the median household income within a two mile radius is $89,500.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.