Newmark Brokers $100M Sale Of Industrial Properties In Somerset & Warren

The industrial property located at 50, 100 Randolph Road, 30, 40, & 45 Technology Drive, and 7 Powder Horn Drive in Somerset and Warren has been sold. The transaction was completed on 07/27/2022. The asset, spanning 650,000 square feet, was sold for a total price of $100,000,000, resulting in a price per square foot of $154.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $100,000,000
• Address: 50, 100 Randolph Road, 30, 40, & 45 Technology Drive, and 7 Powder Horn Drive
• Market: Somerset & Warren

The property sale was facilitated by Newmark, with Kevin Welsh, Brian Schulz, Maria Betancourt, Steven Schultz, Dan Reider, Kyle Eaton, and Chris Koeck representing the seller, Ivy Realty - David Archibald, and Waterfall Asset Management, LLC. This transaction marked a significant milestone in the industrial real estate market in the Somerset and Warren areas.