Newmark is pleased to announce that it has sold 50 & 100 Randolph Road in Somerset, NJ, as the last of a six property 650,000 SF light industrial portfolio totaling over $100 million. An institutional investor acquired 50 & 100 Randolph, two industrial properties totaling 236,000 SF. The other properties within the portfolio included: 30, 40, & 45 Technology Drive and 7 Powder Horn Drive in Warren, NJ.
50 & 100 Randolph are 91% leased to a diverse roster of tenants across distribution, manufacturing, import/export, healthcare and pharmaceutical/biotech industries. Over 100,000 SF (47% of in-place tenancy) of new leases and renewals have been executed over the last six months, providing stable cash flow with the opportunity to reset rents on rollover. The Properties are well located just one mile from I-287 (Exit 10), offering accessibility to hourly, highly skilled and executive-level labor pools within a 30-minute drive.
Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Senior Transaction Manager Maria Betancourt of Newmark’s Capital Markets group, along with support from Executive Managing Director Steven Schultz, Managing Director Dan Reider, Managing Director Kyle Eaton, and Managing Director Chris Koeck, represented the Seller, a joint venture partnership between Ivy Realty and Waterfall Asset Management, LLC (“Waterfall”), on the sale of the portfolio.
“We are thrilled about the execution of the Portfolio sale and, most importantly, the substantial incremental value created and realized by Ivy Realty and Waterfall,” said Welsh. “50 & 100 Randolph is a terrific asset that will provide stable near-term cash flow as well as future upside in a market with limited competitive product, supporting long-term demand.”
David Archibald, CIO of Ivy Realty, added: “We appreciate Newmark’s commitment to selling this portfolio over the last three years. They were able to execute transactions on disparate asset types from life sciences, to corporate headquarters to warehouse, attracting private and institutional capital.”