Cushman & Wakefield on Thursday said it arranged the sale of a 151,756-square-foot industrial development site located at 110 Belmont Drive in Somerset.
The 7.84-acre site is scheduled for delivery in the fourth quarter. Upon completion, the property will feature 40-foot clear height, 30 loading positions, 93 car parks and 24 van parks.
The property is located along Interstate 287, offering momentary access to Interstate 78, New Jersey Turnpike/Interstate 95, Routes 202/206, 22 and 28.
C&W’s Gary Gabriel, Kyle Schmidt and Ryan Larkin, in coordination with industrial leasing experts Mindy Lissner and David Gheriani, represented the seller, Braha Properties, in the transaction. The fully entitled property was acquired by Dermody Properties.
“110 Belmont represents great execution for our client, who successfully repositioned and entitled what was Class C office product into a modern warehouse facility,” Schmidt said. “The highly competitive marketing process led to multiple rounds of bidding, and Dermody Properties is well positioned to capitalize on the current supply and demand imbalance with a right sized, highly efficient, to-be-built Class A distribution center along the sought after I-287 corridor.”
