Resource Realty of Northern NJ delivers complete lease-up of 235 Franklin Rd. for Commerce Park Investors

Randolph, NJ Resource Realty of Northern New Jersey (RRNNJ) has completed the lease-up of a 10-unit small-bay industrial property at 273 Franklin Rd., marking the culmination of an investment strategy that began when firm principal and founder Tom Consiglio identified the acquisition opportunity on behalf of Commerce Park Investors 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 Rtes. 10 and 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 its $4.5 million acquisition orchestrated by Consiglio in April, 2025, the vertically integrated real estate investment and development firm subsequently launched an extensive renovation program designed to modernize the building and position its small-bay units as a market-leading opportunity for local and regional service provider tenants. Commerce Park’s Spencer Pascal, who collaborated with Pillar Construction, coordinated all of the internal and external renovations to achieve full completion 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 throughout. The property also is 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.”

RRNNJ’s involvement spanned the full investment cycle, from identifying the acquisition opportunity and advising on the property’s market potential to leasing the repositioned units to a diverse mix of businesses.

Wilson spearheaded leasing efforts for the repositioned property, with the first tenants taking occupancy in late 2025. Leasing activity continued steadily following the renovations, and as of late September 2026, all 10 units are fully occupied.

The property has attracted a diverse mix of businesses spanning automotive services, building and home improvement products, specialty industrial products, consumer goods, food and beverage and health and wellness. The flexibility of the small-bay format also has allowed tenants to expand within the property as their businesses grow.

One of the building’s earliest tenants initially leased two units before adding a third within a matter of months.

“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.”

Located one mile from Rtes. 10 and 46, the property achieved full occupancy 17 months after Commerce Park Investors’ initial acquisition.