ZIMMEL BROKERS $6.68 MILLION SOMERSET, NJ, INDUSTRIAL BUILDING SALE
Vacant for Years, 655 Howard Ave. is Now a Productive Property
Zimmel Associates, the Edison, NJ-based corporate real estate services firm, has brokered the sale of one of its exclusive listings, 655 Howard Avenue, a 75,000 sq. ft. industrial building located in Somerset, NJ, for $6.68 million. , Edison, NJ—
The seller is developer Denholtz Associates of Matawan, NJ, represented by Jordan Zimmel, vice president, Zimmel Associates. The buyer, Bytech® International, is an electronics accessories distributor, and was represented by Chuck Fern of Cushman and Wakefield, Edison, NJ.
“This building has an exciting investment history and was recently renovated on a major scale,” says David Zimmel, CEO, Zimmel Associates. “This is the second sales transaction we have generated for 655 Howard Avenue in less than a year’s time.”
Jordan Zimmel, vice president, Zimmel Associates, presented 655 Howard Avenue to the seller, Denholtz Associates, as an investment opportunity about two years ago. At that time, the building was bank-owned as a result of foreclosure and had been vacant for more than a decade.
Zimmel handled the sale of 655 Howard Avenue to Denholtz Associates in May of 2016, after the developer had made an extensive assessment of its renovation costs.
“Denholtz is a long-term client of our firm and we are always on the lookout for investment properties for our clients,” says Jordan Zimmel. “The building had groundwater environmental issues, but in today’s hot industrial market, it offered excellent potential for a knowledgeable, experienced developer. Denholtz was willing to take on the challenge and it has worked out exceptionally well for all parties.
“We were given the exclusive to market the renovated building and had offers for both lease and purchase ,” he adds.
Today, 655 Howard Avenue has a brand new owner and is a fully revitalized productive property. In addition to environmental remediation, major renovations have been made to the building from the ground up, many to suit Bytech’s requirements. Improvements include a new roof, new electric, a repaved parking lot, the addition of six new exterior tailboard-loading docks, a new sprinkler system, interior renovations, exterior painting and more.
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.