Terms of the transaction, including the sale price, were not disclosed. However, industry sources say the facility likely traded for a number in the $30-million range. "This single-story warehouse building represented one of the largest building sales in Monmouth County in quite some time," Kreiman says.
And the site apparently has a major makeover in its future. The Tampa, FL-based Anchor Glass had utilized it for manufacturing purposes for a number of years, before converting it to warehousing and distribution use more recently. At one time, the company was this community's largest taxpayer.
But the site became surplus property in the wake of Anchor Glass' financial woes and bankruptcy declaration in recent years. Enter Somerset Development, a Lakewood, NJ-based company that has completed a number of industrial, office and residential properties in the tri-state area.
According to Kreiman, the new owner plans to redevelop the 51-acre site, which is located just off Exit 120 of the Garden State Parkway near both Routes 35 and 36. No specific plans have been announced as yet, and no timeline has been offered. But Somerset Development officials are said to be "working with the township on an overall, final development plan," according to Kreiman.
Site remediation will be a factor in the development process for the site. Anchor Glass was assessed fines about three years ago, and the plant was temporarily closed, owing to some environmentally related violations. Sources anticipate that the newly acquired site will be converted to mixed commercial uses, possibly including a residential component.
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