273 Franklin Road in Randolph — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
Commerce Park Investors has leased up a small-bay industrial building in Randolph, working with a Resource Realty of Northern New Jersey team that helped it acquire the property last year.
According to the brokerage firm, all 10 units at 273 Franklin Road were occupied as of late September. 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, thanks in part to tenants’ ability to expand within the flexible small-bay format as their businesses grow.
The milestone is the culmination of an investment strategy that began when RRNNJ Principal and Founder Tom Consiglio sourced Commerce Park’s $4.5 million purchase of the property in April 2025, according to a news release. The new owner subsequently launched an extensive renovation 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 the internal and external updates to achieve full completion within 100 days.
“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 seeking connectivity, proximity to specialized industrial parks and a last-mile corridor address.”
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 news release said. 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.”
Wilson spearheaded leasing efforts for the new-look property, with the first tenants taking occupancy in late 2025, the news release. Demand continued steadily following the renovations, RRNNJ said, noting that one of the building’s earliest tenants initially leased two units before adding a third within a matter of months.
The property, located about a mile from both Route 10 and Route 46, achieved full occupancy about 17 months after Commerce Park Investors’ initial acquisition.
“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.”
