The developer of a 75,000-square-foot industrial building in Franklin was joined by the new owner as well as local officials for a ribbon-cutting ceremony recently.
Denholtz Associates, a real estate investment and management firm based in Matawan, cut the ribbon on the property at 655 Howard Ave., according to a news release. Denholtz officials were joined by executives from electronics accessories distributor Bytech International and Franklin Township Economic Development Director Vincent Dominach, among others.
“Since Day One, Denholtz Associates has recognized the importance of an investment strategy built around responsible, community-focused investments,” Steven Denholtz, the developer’s CEO, said in a prepared statement. “We have always sought to bring value back to our local communities through our projects, and 655 Howard Ave. is no different.”
The ribbon-cutting marked the restoration of the former Acme Tube Co. stainless-steel manufacturing facility, which had deteriorated as it sat vacant for 15 years. Denholtz purchased, remediated and renovated, and sold the property within a year, it said, after investment $1.5 million into a rehabilitation program.
“The project shows how an investment firm and municipality can work together on an adaptive reuse project that is truly a win-win proposition for everyone involved,” Steven Denholtz said.