WARREN, NJ-Somerset Technology Center, a two-building, 129,000-square-foot office and warehouse complex here, traded in a late-second-quarter sale arranged by real estate services firm Cushman & Wakefield Inc.'s Metropolitan Area Capital Markets group. The Hampshire Cos. acquired the asset at 150 Mount Bethel Rd. from Archon Group.
According to Cushman & Wakefield’s David Bernhaut, who orchestrated the transaction with team members Andrew Merin, Gary Gabriel, and Robert Donnelly Jr., this value-add purchase involves a quality asset in a core market. “The Hampshire Cos. capitalized on an attractive opportunity,” he tells GlobeSt.com. “The firm can reposition or redevelop this versatile office and flex campus, which is very well located between I-78 and Route 22. The excellent cost basis will provide tremendous flexibility in a challenging leasing environment.”
The property's 23,000-square-foot Building I includes 17,000 square feet of warehouse and 6,000 square feet of office space. Building II totals 106,000 square feet, with 41,000 square feet of warehouse and 65,000 square feet of office space. The previous owner had obtained approvals to redevelop and expand the existing site up to 172,000 square feet. Currently, Anadigics, a supplier of radio frequency integrated circuit solutions for communications markets, occupies 6,200 square feet of space, which the company uses for storage purposes.
“Area demographics for Warren and Somerset counties offer consideration for alternative uses including medical office, office and high tech condos and residential,” Bernhaut notes. In fact, Somerset County ranks as the fifth most affluent county in the nation and has an estimated average household income of $117,685. From 2007 to 2008, it also had the second largest increase in population growth in New Jersey.
“We understand the struggles that many New Jersey business owners face with the current state of the economy,” says Todd Anderson, a principal at the Hampshire Cos. "With its flexible floorplates and configuration options, the property provides business owners with high-quality flex space that meets a variety of needs at very competitive rates.”
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