RANDOLPH, NJ-R.I.C. LLC, a local group, is set to start construction for a new 57,000-sf industrial condominium building with office and warehouse space within the Randolph Business Center here. Construction is being set in motion with the sale of the final piece of land within the mixed-use park, with R.I.C. buying the site earlier this month.
In that land sale transaction, a group of local owners headed by Marc Kaye and Walter McDonald, represented by John Schilp of Schilp & Co. Realtors of Chester, transferred the site to R.I.C.'s ownership. The latter was represented by Silbert Realty of Millington, NJ. Details of the sale were not released.
The project marks the third and final phase of the build-out of Randolph Business Center. "The first two phases were completed in the 1980s, but phase three was put on hold until sanitary sewer service was available," Kaye says. "By that time, the original partnership decided to move on to other projects, so we decided to sell the land once it had all of its approvals. We went through four yeas to get approvals for this property."
"This project, which is scheduled to break ground this month, will provide the town with a clean ratable," says Schilp, managing member of Schilp & Co.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.