650 Randolph Road in Somerset — Courtesy: EverWest Real Estate Investors
By Joshua Burd
An investment manager has acquired a nearly 126,000-square-foot industrial building in Somerset County, marking its third such purchase in the region in two months.
In a news release, EverWest Real Estate Investors said it paid $27.7 million for the property at 650 Randolph Road in the Somerset section of Franklin. The Denver-based firm purchased the asset from Citgen Realty LLC, noting that the 125,790-square-foot complex is fully occupied under a long-term lease with Rising Pharma Holdings Inc., the nation’s largest privately held generic drug developer.
JLL Vice Chairman Joel Lubin and executive vice presidents John Buckley and Gary Politi represented the buyer.
“EverWest is pleased to add 650 Randolph Road to its growing portfolio of well-located, high-quality New Jersey industrial assets,” said Stephen Feinberg, EverWest’s director of Northeast acquisitions. “It was a pleasure working with the JLL team on this unique transaction.”
Built in 2008, 650 Randolph Road features 32-foot clear ceiling heights, 10 dock-high loading doors with generous truck court depth and other modern features, according to a news release. The firm touted its location some 1.5 miles from Interstate 287 — within a fast-growing industrial submarket — and across the street from Bridge Point Somerset, a 1.7 million-square-foot industrial park leased to Amazon and other active distributors.
“Locating a relatively newly constructed, Class A building for sale in the New Jersey market is an extremely rare occurrence,” Lubin said.
With its acquisitions in the last two months, which translate to $127 million in value, EverWest now owns more than 2 million square feet of industrial space in the New York City region and a development pipeline of more than 1.1 million square feet.
The Randolph Road property is not far from 400 and 600 Atrium Drive in Somerset, the site of an office building and an adjacent lot that EverWest purchased in tandem with Woodmont Industrial Partners. The joint venture plans to raze the existing structure to build 426,000 square feet of new industrial space.