IDI Logistics recently said it acquired a site consisting of two land parcels on Davidson Avenue in Somerset totaling approximately 13 acres. IDIL plans to redevelop the site into a state-of-the-art warehouse/distribution building.
Both parcels, located at 195 and 215 Davidson Ave., are currently encumbered by existing buildings.
Somerset has seen significant interest over the past few years from both institutional investors and industrial users, which has helped reinforce the location as an established industrial submarket.
“This site’s proximity to I-287, one of the New Jersey’s major highway systems, and its access to a deep and well-educated labor force make the location an ideal choice for users,” Justin Burns, Northeast Market officer for IDI Logistics, stated. “Furthermore, the centralized location in New Jersey provides the opportunity for users to service customers on a local and regional basis.”
CBRE’s Elli Klapper, Kevin Dudley, Chad Hillyer, Mark Silverman, Jeremy Wernick, Charles Berger and Nick Klacik represented IDI in the deal.
In addition to this acquisition in Somerset, IDI Logistics recently acquired land sites in Piscataway and Ewing and leased its 111,000-square-foot Passaic Logistics Center in Passaic.