S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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The Torsiello Organization purchases Somerset Executive Square II fromDenholtz David Zimmel arranges sale of 83,258 s/f Somerset office building for $6.8 million
S
omerset, NJ — Da- vid Zimmel , CEO, Zim- mel Associates , the
Edison-based c o r p o r a t e rea l es tate services firm, has brokered the $6.8 mil- lion sale of Two Execu- tive Dr., an 83,258 s/f of-
David Zimmel
fice building located in Somer- set, to the Torsiello Organi- zation , Edison, one of the lead- ing construction, development HI-LIGHTS May 11 - 24, 2018
Two Executive Dr.
Two Executive Dr. interior
and property management companies. The seller is Denholtz As- sociates , the Matawan-based real estate management and investment firm. The building is known as Somerset Execu- tive Square II and Zimmel As- sociates is the leasing agent. “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 Dr. Morristown, NJ — Jef- frey Dunne, Jeremy Neuer and Travis Langer of CBRE Institutional Properties rep- resented Artemis Real Estate Partners and Onyx Equities in the sale of 350 & 360 Mount Kemble Ave. in Morristown for $35 million. The team was also responsible for procuring the buyer, The Birch Group . 350 & 360 Mount Kemble Ave. are two class A office build- ings totaling 229,685± s/f Dunne commented: “350 & 360 Mount Kemble Ave. pro- vides stable cash flow with ex- cellent upside in one of the New York region’s fastest growing urban/suburban markets. This coupled with a weighted aver- age lease term of nearly seven years offers limited downside with exceptional opportunity for future leasing and rent growth.”
could be an attractive and synergistic addition to their portfolio of quality properties,” said Zimmel. Denholtz has owned the building for two years. “We bro- kered the sale of the building to Denholtz two years ago and they named us exclusive leas- ing agent,” said 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 build- ing include a beautiful lobby renovation and revamped el- evator interiors. Currently 10,000 s/f is available, with units as small as 2,000 s/f and up. The Torsiello Organization has named Zimmel Associates the leasing agent for Two Ex- ecutive Dr. “We look forward to
continuing to market the build- ing and value our relationship with Torsiello,” says Zimmel Two Executive Dr. is located on five-acres directly adjacent to The Somerset Marriott Hotel and within walking distance of a major conference center. Banks, restaurants and shop- ping 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 Tpke. and The Garden State Parkway.
SPO TLIGHT Central NJ
7-14B
HFF announces sale of +335K s/f Lanidex Plaza in Parsippany
Cbre’s Dunne, Neuer and Langer rep. sellers in $35 million sale of 350 & 360 Mount Kemble Ave.
2B
20B
Upcoming Spotlights Industrial/Distribution Centers RETAIL ARCHITECTURE, CONSTRUCTION & ENGINEERING Contact Kimberly Brunet For more info: P: 781-740-2900 kbrunet@marejournal.com www.marejournal.com
350 & 360 Mount Kemble Ave. Partners (SCP) and North- light Capital Partners , in the lease negotiations. CBRE’s Remy deVarenne , senior vice president, and Kadeem Goodall-Reid , associate, acted on behalf of Comodo CA. According to CBRE, owner- ship acquired the property in 2016 and brought on Accordia
Roseland, NJ —Comodo CA has inked a 20,000 s/f lease for its U.S. headquarters at 5 Becker Farm Rd. in Roseland, New Jersey. The CBRE team of Daniel Casey , first vice president, and Joseph Sar- no , associate, represented the building ownership, a joint ven- ture between Soma Capital
Realty Ventures to oversee a significant investment, trans- forming 5 Becker Farm Rd. into one of the best-in-class of- fice properties in the area. The capital improvements included lobby renovations, new land- scaping with pavers, restroom upgrades and new energy ef- ficient HVAC units.
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