A prominent 64,709-square-foot, three-story office building in Somerset traded for a total of $5 million, according to a Tuesday announcement from Zimmel Associates, which successfully orchestrated the transaction.
The deal was spearheaded by Joel Natter, vice president of Zimmel Associates, and supported by David Zimmel, president, and Jason Zimmel, vice president.
Having previously handled the sale of the property at 100 Davidson Ave. to Toranco Somerset LLC, represented by the Torsiello Organization, a remarkable 12 years ago, Zimmel Associates retained its exclusive brokerage role for the property. The office building, constructed in 1979, caters to multiple tenants and offers 258 surface parking spaces for convenience. Its strategic location off Interstate 287, near New Jersey Transit and Newark Liberty International Airport, further enhances its appeal.
Through a seamless collaboration, Natter identified 100 Davidson Ave. as the ideal match for Titan Mahagun LLC, a client that specifically sought 20,000 square feet of space.
Natter stated, “The building’s exceptional condition, necessitating minimal renovation and maintenance, made it the perfect choice for Titan Mahagun LLC, catering to their needs for an operational space and an investment opportunity to generate income from existing leasing.”
Given the current conditions of the office market in the area and prevailing vacancies within the building, Zimmel Associates saw the perfect timing to approach Toranco Somerset LLC for a potential off-market deal. The collaboration led to the successful closing of a $5 million transaction, granting the new owners, Titan Mahagun LLC, ample scope to utilize additional space as existing leases reach their termination.
