SOMERSET, NJ–Bussel Realty Corp. and Gramercy Real Estate Services have brokered the sale of 62 Veronica Avenue, a 99,000-square-foot distribution facility in Somerset, NJ. The property has been converted from an owner-occupied single-tenant property to a multi-tenant facility. The previous owner is leasing back its space for an ongoing rug business.
SV Investments, which leased back a portion of the building long-term for its rug business, sold the property for an undisclosed amount to 62 Veronica LLC. BRC senior vice presidents Robert Sager and David Blitt, and vice president Jordan Metz represented the owner in the transaction. Gramercy Real Estate Services represented the buyer.
“The 62 Veronica Avenue sale was a complex transaction with several challenges, including the purchaser's time constraints for closing the deal,” says Blitt.
62 Veronica Avenue was converted into a multi-tenanted property to accommodate the lease back of space by the seller. The new owner will occupy the balance of the unoccupied space within the facility. Originally, the property was a single tenant owner-occupied distribution facility. 62 Veronica Avenue is on six acres near Route 27, I-287 and the New Jersey Turnpike, with access to the Outerbridge Crossing to Staten Island.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
