Denholtz Associates Negotiates $6.8 Million Sale of Somerset Office Building to The Torsiello Organization5.24.2018
Somerset, N.J. (May 24, 2018) – Denholtz Associates has announced the sale of the 83,258-square-foot Somerset Executive Square II office building located at 2 Executive Drive in Somerset, N.J for $6.8 million to The Torsiello Organization.
Somerset Executive Square II, acquired by Denholtz Associates in 2016, sits on five-acres directly adjacent to The Somerset Marriott Hotel and within walking distance of a major conference center and hotels, including the Radisson and Holiday Inn. Additionally, the property provides 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.
Although the space boasts an ideal location and highly flexible units, it was only 50 percent leased at the time of Denholtz Associates’ acquisition in 2016. Leveraging decades of experience in successfully leasing office buildings throughout the central New Jersey market, Denholtz Associates immediately embarked on a strategy to bring the space to full occupancy. The strategy centered on a capital improvement plan focused on a substantial lobby renovation, including new flooring, paint, wall coverings, LED lighting, herculite glass door entrances and revamped elevator interiors that would create bright and welcoming common areas.
Additionally, Denholtz Associates was able to streamline the tenant experience through leveraging their in-house property management capabilities and tapped long-time broker, Zimmel Associates, to market the available space. At the time of the sale, Somerset Executive Square II is 85 percent leased to a wide variety of tenants.
“Throughout our 65-year history, we have honed our investment strategy to successfully create value from spaces that we believe are not reaching their full potential,” said Steven Denholtz, Chief Executive Officer of Denholtz Associates. “The sale of Somerset Executive Square II completes our process of recognizing value-add opportunities, executing our business plan and realizing our profits.”