Greek Development pays $15M for Franklin property

A two-building industrial property in Franklin Township has sold for $15 million, according to Cushman & Wakefield.

Greek Development bought the 400 & 500 Apgar Drive buildings, totaling 170,500 square feet, from High Street Realty, according to C&W’s East Rutherford investment sales team.

C&W’s Gary Gabriel represented the seller and found the buyer, working with colleagues Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald and supported by industrial leasing specialist Andrew Siemsen.

“400 & 500 Apgar Drive are strategically located within a mixed-use business park less than one mile from (Interstate) 287 Exit 12, offering exceptional labor access and proximity to the New Jersey Turnpike/I-95 and the East Coast’s largest port,” Schmidt said in a prepared statement. “This property historically has enjoyed high occupancy and tenant retention rates. It offers stable cash flow and upside via increasing rents to market and leasing two vacant units.”

The property is 91 percent leased to a combined 11 tenants.

“This asset was a good fit for our portfolio and our strategy of long-term investment,” David Greek, director of acquisitions for East Brunswick-based Greek Development, said in a statement. “We feel the Franklin submarket will continue to experience strong growth in the near future and the unit sizes in these buildings represent a niche of the industrial market that is currently underserved.”