Franklin, N.J. (May 20, 2016) – Denholtz Associates announced the acquisition of 655 Howard Avenue in Franklin, NJ, the 74,325 -sq.-ft. former manufacturing home of Acme Tube. The building had been foreclosed upon and has been vacant for a number of years. Denholtz has acquired the building after developing a plan for environmental remediation and renovation.
Denholtz Associates used its extensive knowledge of the Somerset industrial market and in-house capabilities to enter into a creative agreement with the note-holder, BRE2, a subsidiary of Beal Bank, whereby Denholtz committed to conducting the remedial investigation of the land and agreed to acquire the property following an extensive 18-month assessment of the scope of the environmental issues facing the site. Denholtz received a grant from the Department of Environmental Protection for remediation of the site and will invest $1.5 million into a complete rehab of the property including a new roof, heating, lighting, landscaping, electric, parking lot and paint.
“This is exactly the type of deal that differentiates Denholtz Associates in the marketplace and that really drives our entire team who are dedicated to doing what other companies can’t or won’t,” said Steven Denholtz, CEO of Denholtz. “This was an opportunistic challenge, and we committed up front to putting in the necessary work and allocated our resources and in-house capabilities to make this deal work for us. We were able to acquire the site at a steep discount and revitalize a property that has sat dormant for 15 years making it safe for the community and future tenants while providing a strong return on investment for our investors.”
Denholtz has already begun marketing the property for sale or lease. The property is available for occupancy in August, 2016. For leasing inquiries please contact David or Jordan Zimmel of Zimmel Associates at (732) 661-9200.
