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PSE&G buys Somerset Technologies facility.

Advance Realty Advisors has successfully implemented a new consulting strategy which resulted in the disposition of the former Somerset Technologies facility in Franklin Township, New Jersey to Public Service Electric and Gas Company, according to Peter J. Cocoziello, President of the Advance Realty Advisors.

Public Service Electric and Gas (PSE&G), New Jersey's largest utility company, purchased the 228,000 square-foot facility for approximately $6 million. The facility will be used as a PSE&G regional service center and depot for their mobile equipment. Resource Realty, the exclusive broker for the building, negotiated the transaction with the assistance of Advance Realty Advisors, on behalf of Somerset Technologies, while The Sitar Group represented PSE&G.

"This sale is a prime example of the diverse services which Advance Realty Advisors provides to corporations and investors," said Bill McCuen, the Advance Realty Services' vice president responsible for the property. "We are particularly proud to have orchestrated the disposition of this facility within an eight month time frame."

The single story office and manufacturing facility became available in the summer of 1992 when Somerset Technologies centralized their manufacturing operations into a new facility in North Carolina. Located on Weston Canal Road in Franklin Township, the building offers four tailgate loading doors, ten drive-in doors, full wet sprinkler system, and has expansion capabilities.

"During our initial meetings with Somerset Technologies, we determined their needs and desires for the Franklin Township property. From that, we developed a strategy to most advantageously position the property in the market," noted Cocoziello. "Two major components of this strategy were interviewing and selecting a brokerage company and developing a marketability enhancement program which included upgraded landscaping, interior renovation and a modernization of the building and grounds."

The facility is located on a 28.3-acre tract of land which is directly off a full interchange of Route 287. The property also offers excellent access to the Garden State Parkway, New Jersey Turnpike, Interstate 78, and Routes 202, 206, 28 and 22. Centrally located between New York and Philadelphia, the property is convenient to Newark International Airport.

Corporate neighbors within Franklin Township are Mitsubishi, Mercedes Benz, Poland Spring, Nissan, Perrier, Sanyo, Kids |R' Us, Union Carbide, Tenumo and Royal Doulton.
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Title Annotation:Public Service Electric and Gas Co. purchases facility in Franklin Township, New Jersey
Publication:Real Estate Weekly
Date:Oct 27, 1993
Previous Article:Credit Corp. leases 23,870 sq. ft.
Next Article:Palace is sold, Millenium next.

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