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SOMERSET, NJ-Illva Saronno has picked Cushman & Wakefield to lease a half-dozen buildings totaling nearly 500,000 sf that the locally based company owns in Somerset and Hunterdon counties. Two of the assets are currently fully leased, and the other four have significant space available at asking rates generally in the $18.50 to $23.50 range.

“These properties all offer a quality corporate environment,” says Robert Dinner of C&W’s Edison office, who’s handling the assignment with colleague Joseph Sarno, working with Illva Saronno’s in-house rep, EVP Robert Stark. “While the local markets have been active during the past two years, there is tangible evidence of an uptick,” Dinner says. “It’s a great time for owners to take advantage of improving conditions to increase occupancy levels.”

A key property in the portfolio is the four-story, 88,000-sf 80 Cottontail Ln. here, a four-story building that houses, among others, Illva Saronno’s headquarters offices. The building is currently listed as 65% leased.

Other local buildings within the portfolio are the 110,000-sf 100 Franklin Square Dr., similarly 65% occupied presently; and the three-story, 59,000-sf 2 Worlds Fair Dr., currently listed as fully occupied. Elsewhere in Somerset County, the assignment includes the 16,500-sf, two-story 1952 US Hwy. 22 E. in Bridgewater.

In Lebanon, Hunterdon County, the assignment includes the two-building 78 Corporate Center, named for the nearby I-78. Building A, also known as 100 Corporate Dr., is currently listed as 38% leased; its twin three-story Building B, also known as 200 Corporate Dr., is currently vacant. The campus formerly housed offices for Merck, and Illva Saronno is in the process of repositioning the assets with common area upgrades and other renovations.

“We’re looking forward to starting the new year with further announcements to the marketplace regarding our progress in this marketing effort,” says Illva Saronno’s Stark, whose company was formed in the mid-1980s to handle the real estate holdings of Italy’s Reina family. Besides owning an 825,000-sf office, industrial and flex portfolio and land for future development in the US, and the Saronno Spa in Italy, the family’s company also produces DiSaronno Amaretto and other liquor and food products.

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