220 Davidson Ave. sells for $16m

Real Estate Weekly, Nov 3, 2004

Ivy Realty announced the sale of 220 Davidson Ave. in Franklin, N.J. to New Mexico-based BGK Properties for $16 million. David Simson, president of GVA Williams New Jersey, brokered the transaction on behalf of Ivy.

Anthony DiTommaso, Jr., CEO of Ivy Realty, stated, "The sale of 220 Davidson Ave. completes our value creation strategy for this asset. Our leasing team, led by Marion M. Geddes, did a tremendous job in a very challenging leasing climate."

Strategically located in Somerset bounty, 220 Davidson is a class A, 160,000 s/f office building with such credit tenants as Prudential, US Department of Agriculture, HBO McKesson, and the American Arbitration Association. Ivy Realty acquired the asset in 2000 and subsequently engineered a hugely successful re-leasing and marketing program, bringing 220 Davidson from 40% vacancy to nearly 100% occupancy. Offering convenient access to 1-287 and other major roadways, 220 Davidson is situated on 9.3 acres within proximity to a number of prestigious corporations and Fortune 500 headquarters.