765 Route 202, Bridgewater, New Jersey
The Olivetti property was handled by a large national brokerage firm. We had several interested tenants and buyers look at the Olivetti property, which consisted of 50 acres with 240,000 square foot office warehouse building, located in Bridgewater, NJ. The broker handling this project had not concluded a transaction after 18 months and we approached Olivetti about engaging Sitar Realty Company to help get the job done. They asked us what we could do differently. After carefully considering the market and the project we proposed raising the asking price by several million dollars! We explained that there was tremendous value in the 50 acres for future development and the property should be repositioned as a future class A office facility. We justified our thinking by showing the recent leasing activity for Class A office space in the area, as well as the lack of well located sites that were available. Olivetti hired us and somewhat skeptically said “good luck”.
The marketing campaign began and we had several interested parties consider our new plan. One regional development company made a quick offer. We negotiated the price and went to contract at nearly $16 million dollars. The final sale price was $2 million dollars more than the first broker had as an asking sale price! Olivetti was adamant about getting the deal closed by year end (for tax purposes) and the transaction closed on December 27 as planned. Olivetti has been, and is, a valued client we continue to work with.