Resource Realty of Northern New Jersey (RRNNJ) announced the successful completion of a full lease-up at a 10-unit small-bay industrial property located at 273 Franklin Rd. in Randolph. The milestone marks the final chapter of a comprehensive investment lifecycle that began in early 2025.
The project kicked off when RRNNJ Principal and Founder Tom Consiglio identified the acquisition opportunity for Commerce Park Investors. Following Consiglio’s orchestration of the property’s $4.5 million acquisition in April 2025, the team deployed a value-add redevelopment strategy to modernize the asset for local and regional service providers.
A rapid renovation and repositioning
Led by Commerce Park’s Spencer Pascal in collaboration with Pillar Construction, the property underwent an extensive overhaul completed in just 100 days. Upgrades to the facility included:
- New HVAC systems throughout, including fully air-conditioned warehouse spaces
- Freshly paved and striped parking lots
- New loading dock doors and a modern exterior façade
- Upgraded interior and exterior lighting, plus a new tenant marquee and directory
- Renovated bathrooms and durable epoxy warehouse flooring
“When we first looked at the property, we saw an opportunity to create space that was well aligned with demand in the market,” Consiglio said. “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.”
Strong tenant demand and diverse mix
RRNNJ Principal Brian Wilson spearheaded the leasing campaign, securing the building’s first occupants by late 2025. Steady leasing momentum carried through the following months, resulting in 100% occupancy by late September 2026—roughly 17 months after the initial acquisition.
The property has attracted a diverse roster of tenants across several industries, including automotive services, building and home improvement products, specialty industrial goods, consumer products, food and beverage, and health and wellness. The flexibility of the small-bay layout has already proven beneficial for growing businesses; one early tenant initially leased two units and expanded into a third within months.
“The leasing activity has validated the value-add strategy driving the improvements,” Wilson said. “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.”
Roy Pascal, principal of Commerce Park Investors, praised the partnership’s execution: “Tom recognized the potential of the property early on, and Brian Wilson carried that vision through the leasing process. Reaching full occupancy in this timeframe is a strong result for us.”
