Denholtz Associates, a privately held, fully integrated real estate development, investment and management company in Matawan, held a ribbon-cutting ceremony for 655 Howard Avenue, a 75,000-square-foot industrial building in Franklin last Friday. Franklin Township Economic Development Director Vincent Dominach and fellow Franklin Township officials as well as executives from Bytech International, an electronics accessories distributor and the new owner of the building, joined Denholtz Associates for the milestone event.
The ribbon cutting marked the successful turnaround of a property that once seemed like a lost cause. Previously a stainless-steel manufacturing facility for Acme Tube Company, 655 Howard Avenue was left to deteriorate for over 15 years with significant environmental and structural issues making a sale or renovation seem like an impossibility. However, Denholtz Associates recognized the potential investment opportunity presented by the 75,000-square-foot industrial building and the promise the building held as an economic contributor to Franklin Township
Working along with Franklin Township, the New Jersey Department of Environmental Protection, the previous owners and several highly experienced contractors, Denholtz Associates was able to purchase, remediate, renovate and sell the space to Bytech International in less than a year. The turnaround included an investment of $1.5 million into a complete rehab of the property including a new roof, heating, lighting, landscaping, electric, parking lot and paint. Not only a successful investment for the Denholtz team, 655 Howard Avenue now is a valuable ratable for Franklin Township and the well-positioned new home for a growing business.
“Since day one, Denholtz Associates has recognized the importance of an investment strategy built around responsible, community-focused investments,” said Steven Denholtz, CEO of Denholtz Associates. “We have always sought to bring value back to our local communities through our projects and 655 Howard Avenue is no different. The project shows how an investment firm and municipality can work together on an adaptive reuse project that is truly a win-win proposition for everyone involved.”
“655 Howard Avenue is a perfect distillation of the Denholtz investment strategy; finding projects that present an opportunity to unlock value where many others do not see it and leveraging our significant in-house capabilities to execute them,” added Steve Cassidy, President of Denholtz Associates. “This strategy has guided our company for over 65 years and will continue to guide us as we search for opportunities that enable us to deliver superior, risk-adjusted returns to our investors and meaningful projects to local communities.”Related Articles: