FRANKLIN TWP., NJ-Two industrial transactions have been completed involving three buildings near each other, totaling more than 207,000 sf in this Somerset County township. The two deals were orchestrated by SVPs Michael Markey and Jonathan Tesser and associate Adam Citron, all of Somerset office of Colliers Houston & Co.
In the larger of the two transactions, Sorbent Products Co. has sold and leased back two buildings totaling just more than 147,000 sf here, according to Markey. Sorbent uses the adjacent buildings, which occupy a combined 11 acres at Howard Avenue and Clyde Road off Exit 10 of Interstate 287, as its headquarters.
The buyer of the properties was the Boston-based investment firm, Cabot Properties. Terms of the sale-leaseback were not disclosed. For SPC, a developer of technologies related to environmental spill response, the sale-leaseback follows the company's acquisition earlier this year by the Milwaukee-based Brady Corp.
In the second deal, IBA Molecular, a Belgian company that designs and makes nuclear medicine diagnostic procedures, has signed a long-term lease for 60,000 sf at 210 Clyde Rd. Terms were not released; owner Murray Construction Co. of Millburn was represented in-house.
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