Edison-based Bussel Realty Corp. (BRC), an industrial real estate services firm, announces it has brokered – in conjunction with Gramercy Real Estate Services – the sale of 62 Veronica Avenue in Somerset, a 99,000-square-foot distribution facility.
The property was sold for an undisclosed amount to 62 Veronica LLC. The seller is SV Investments, which leased back a portion of the building long-term for its rug business. Bussel Realty Corp Senior Vice Presidents Robert Sager and David Blitt, and Vice President Jordan Metz represented the owner in the transaction. The buyer was represented by Gramercy Real Estate Services.
“The 62 Veronica Avenue sale was a complex transaction with several challenges, including the purchaser’s time constraints for closing the deal,” noted Blitt.
62 Veronica Avenue was demised into a multi-tenanted property in order to accommodate the lease back of space by the seller. The new owner will occupy the balance of the unoccupied space within the facility. Originally, the property was a single tenant owner-occupied distribution facility. 62 Veronica Avenue sits on 6 acres and is minutes from Route 27, I-287 and the New Jersey Turnpike with access to the Outerbridge Crossing to Staten Island.Related Articles: