X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FRANKLIN TWP., NJ-The J.G. Petrucci Co. has sold a 17.1-acre parcel of land along Howard Avenue in this Central New Jersey township’s Somerset section for $12.3 million, Globest.com has learned. That sale price factors out to approximately $720,000 per acre, and the new owner of the undeveloped site is Morgan Stanley Management Services II Inc.

Petrucci was represented in the transaction by Jeffrey Garibaldi, president, and Matthew Kirby, SVP of the Chatham-based Garibaldi Group/Corfac International. Morgan Stanley was represented by Dan Frankel, formerly SVP in the local office of Colliers Houston & Co., who has since moved on to Cushman & Wakefield of NJ.

And the empty site is already cleared for a 325,000-sf data operations support facility, which is the use the new owner has in mind for the property. Petrucci bought the tract several years ago from the BOC Group Inc., an industrial gas company, for an undisclosed price.

“We purchased this land in 2004 with the intent of developing it as an industrial facility,” Greg Rogerson, principal of the Asbury-based J.G. Petrucci Co., tells GlobeSt.com. “Subsequent due diligence discovered a redundant and reliable power source available, making it suitable for an operations support facility. Franklin Township’s proximity to Manhattan and the abundance of fiber infrastructure enhanced the property’s appeal.”

When it acquired the site, J.P. Petrucci specifically announced plans to develop what was to be called Franklin Commerce Center, a series of 32-foot clear industrial buildings adding up to 220,000 sf of floor space. Total investment in that initial plan was to have been $15 million.

“This land sale is a true win-win scenario for both the buyer and the seller,” says Garibaldi, whose firm also brokered the 2004 deal. “The land has full approvals and permits for developing a 325,000-sf facility. Franklin Township continues to distinguish itself as a destination for New York City-based companies for their support facilities.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.