Franklin, N.J. (April 14, 2017) – Denholtz Associates, a privately held, fully integrated real estate development, investment and management company, has announced the sale of a 75,000-square-foot industrial building at 655 Howard Avenue in Franklin, N.J. to Bytech® International, an electronics accessories distributor.
655 Howard Avenue was purchased by Denholtz Associates in May 2016 after sitting vacant for over a decade as a result of a foreclosure and substantial environmental issues at the site. Denholtz Associates had assessed that the property offered a substantial value-add opportunity and immediately embarked on remediating the environmental issues and upgrading the property to create a modern industrial building in a rapidly growing market. They worked with the buyer, Bytech International, to ensure that the building’s improvements including a new roof, new electric, a repaved parking lot, the addition of six new exterior tailboard-loading docks, a new sprinkler system, interior renovations and exterior painting suited their needs.
“The 655 Howard Avenue sale is a strong example of adaptive reuse in repositioning a neglected asset in a hot market,” said Steven Denholtz, CEO of Denholtz Associates. “Industrial buildings of this size are in high demand in Somerset County and we recognized the unique opportunity presented by this vacant property. Our market knowledge and experience in redevelopment properties allows our team to find diamonds in the rough like this building and extract value from them to deliver superior returns to our investors.”
Denholtz Associates was represented in the sale by Jordan Zimmel of Zimmel Associates and Chuck Fern of Cushman & Wakefield represented the buyer.