ZIMMEL ARRANGES $6.8 MILLION SALE OF SOMERSET, NJ, OFFICE BUILDING
Torsiello is New Owner of Two Executive Drive, Somerset, NJ
May 10, 2018, Edison, NJ—David Zimmel, CEO, Zimmel Associates, the Edison, NJ-based corporate real estate services firm, has brokered the $6.8 million sale of Two Executive Drive, an 83,258 sq. ft. office building located in Somerset, NJ, to The Torsiello Organization, Edison, NJ, a leading construction, development and property management company.
The seller is Denholtz Associates, the Matawan, NJ-based real estate management and investment firm. The building is known as Somerset Executive Square II and Zimmel Associates is the exclusive leasing agent.
“After Denholtz decided to sell, I presented the building to Anthony Torsiello, principal, as the Torsiello Organization owns 100 Davidson Ave., a nearby office building, and I thought Two Executive Drive could be an attractive and synergistic addition to their portfolio of quality properties,” says Zimmel.
Denholtz Associates has owned the building for two years. “We brokered the sale of the building to Denholtz two years ago and they named us exclusive leasing agent,” says Zimmel. “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 beautiful lobby renovation and revamped elevator interiors. Currently 10,000 sq. ft. is available, with units as small as 2,000 sq. ft. and up.
The Torsiello Organization has named Zimmel Associates the exclusive leasing agent for Two Executive Dr. “We look forward to continuing to market the building and value our relationships with Denholtz Associates and The Torsiello Organization,” says Zimmel.
Two Executive Drive is located on five acres directly adjacent to The Somerset Marriott Hotel and is within walking distance of a major conference center. Banks, restaurants and shopping are all nearby. It offers direct access to I-287, as well as easy access to Routes 22, 202, 206, I-78, the New Jersey Turnpike and the Garden State Parkway.
Zimmel Associates is an Edison, NJ-based commercial real estate services firm that provides fully integrated brokerage, consulting, investment and property management services for local, regional and national clients. Established in 1986, Zimmel Associates represents more than five million sq. ft. of exclusive office, industrial and flex space throughout New Jersey. For more information, visit http://www.zimmel.com.