A vacant office building in the heart of Somerset County has new ownership that is hoping to revitalize the 12-acre property that is ideally situated near several major highways.
JLL Capital Markets recently announced that it has completed the sale of 200 Franklin Square, a 200,000-square-foot office property in Franklin Township. The four-story development was the former North American headquarters for Philips Electronics and is currently 100% vacant.
JLL represented the seller and procured the buyer, Piscataway-based Axria Incorporated. The company has had a hand in a slew of diverse properties around the Garden State, owning everything from retail complexes to affordable housing.
Their newest acquisition was recently renovated in 2016 and offers parking for 750 vehicles in surface lots surrounding the building. The 12.19-acre site is zoned for a broad range of commercial uses, including office, medical, educational and light industrial.
“We intend to redevelop this property to its highest and best use, creating significant value for the market,” said Chandra Mandalapu, CEO of Axria. “We see tremendous opportunity ahead. Our team is actively working on it.”
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Jeremy Neuer, Senior Director Ryan Robertson, and Managing Directors Nicholas Stefans and Jason Lundy.
“The quality of the asset attracted a wide range of investors in what has become a tight market in the last few years,” commented JLL’s Neuer. “Given the redevelopment of over one million square feet of office to industrial, the shrinking market has created a lack of supply for true Class A office in Franklin Township and the surrounding towns.”
“This opportunity was unique as a former headquarters, but also a blank canvas with numerous possibilities for future use,” said JLL’s Cruz. “We are bullish on Axria’s business plan going forward.”
While no official redevelopment has been announced, the property is situated in an ideal location. It features direct access to Interstate 287, is close to the New Jersey Turnpike and I-78 and is strategically positioned to access the talented labor pool in Somerset County.
