A joint venture has sold a newly upgraded, multiuse commercial building in Warren, under a transaction arranged by brokers with Newmark Knight Frank.
The real estate services firm announced that it represented Ivy Realty and Waterfall Asset Management in the sale of 30 Technology Drive South, a 95,111-square-foot property housing office, production, research and development and warehouse space. Mountain Development Corp. acquired the two-story building for an undisclosed price.
The complex is 92 percent leased to a broad base of tenants in the medical device, engineering and technology sectors.
“Situated in one of New Jersey’s most prestigious STEM markets, 30 Tech’s unique multiuse design and flexible zoning provide the opportunity to accommodate a broad range of diverse business operations in one location, which has been integral in attracting and retaining the current tenant roster,” said Kevin Welsh, a member of NKF’s capital markets group. “Mountain Development is well-positioned to benefit from the recently completed capital improvements and realize substantial upside from growing income through the execution of its asset management plan.”
Welsh, an executive managing director, brokered the transaction alongside NKF Managing Director Brian Schulz and Associate Jason Emrani. The firm also said Executive Managing Director Steven Schultz and Director Dan Reider were instrumental in facilitating the client relationships and support for the transaction, while the team also procured the buyer.
In a news release, NKF said 30 Technology Drive South is one of three buildings within the 231,000-square-foot Warren Innovation Center. Ivy took over the campus in late 2018, seeking to capitalize on its location near Warren’s downtown center and accessibility via interstates 78 and 287.
The seller recently completed a series of renovations at 30 Technology Drive that included a new roof, site work and facade, along with upgrades to the lobby and common areas aimed at creating a collaborative, modern work environment.