10-unit industrial property in Morris County reaches full occupancy after $4.5M acquisition
RANDOLPH TOWNSHIP, N.J. (Morris County) — A 10-unit small-bay industrial property in Randolph has reached full occupancy following a $4.5 million acquisition and extensive renovations, according to Resource Realty of Northern New Jersey.
The property at 273 Franklin Road was acquired by Commerce Park Investors in April 2025 after Resource Realty Principal and Founder Tom Consiglio identified the investment opportunity in early 2025.
“When we first looked at the property, we saw an opportunity to create space that was well aligned with demand in the market,” said Consiglio. “The location, with convenient access to both Route 10 and Route 46, was a strong attribute, and with the right investment in the building, we believed the smaller units would appeal to a broad range of businesses seeking connectivity, proximity to specialized industrial parks and a last-mile corridor address.”
Following the acquisition, Commerce Park Investors launched a renovation program aimed at modernizing the building and positioning its smaller industrial units for local and regional businesses.
Commerce Park’s Spencer Pascal worked with Pillar Construction to coordinate the interior and exterior renovations, which were completed within 100 days.
Improvements included new HVAC systems, parking lot paving and striping, loading dock doors, a new façade, interior and exterior lighting, a new tenant marquee and directory, new bathrooms and epoxy warehouse flooring. The property is also fully air conditioned, including its warehouse areas.
“This project really demonstrates the value of having the right strategy in place from the beginning,” said Roy Pascal, principal of Commerce Park Investors. “Tom recognized the potential of the property early on, and [RRNNJ Principal] Brian Wilson carried that vision through the leasing process. Reaching full occupancy in this timeframe is a strong result for us.”
Resource Realty’s involvement included identifying the acquisition opportunity, advising on the property’s market potential and leasing the renovated units.
Brian Wilson, a principal with Resource Realty, led the leasing effort. The first tenants began occupying units in late 2025, and all 10 units were leased by late September 2026.
The property now includes businesses in automotive services, building and home improvement products, specialty industrial products, consumer goods, food and beverage, and health and wellness.
The small-bay format has also allowed businesses to expand within the property. According to Resource Realty, one of the building’s earliest tenants initially leased two units before adding a third several months later.
“The leasing activity has validated the value-add strategy driving the improvements,” said Wilson. “We were able to attract businesses with different space requirements while seeing one of our early tenants expand within just a few months – another strong indicator of the demand for this type of space.”
The property is about one mile from both Route 10 and Route 46 and reached full occupancy approximately 17 months after Commerce Park Investors acquired it.
