50 and 100 Randolph Road in Somerset — Courtesy: Newmark
By Joshua Burd
Newmark has brokered the sale of two buildings in Somerset County with a combined 236,000 square feet, completing the trade of a portfolio valued at more than $100 million.
The real estate services firm has represented the seller, a joint venture of Ivy Realty and Waterfall Asset Management LLC, in a series of dispositions in recent years involving six light industrial properties with a combined 650,000 square feet. In the latest deal, the brokerage team sold two assets in the Somerset section of Franklin, at 50 and 100 Randolph Road, to an institutional investor.
Newmark Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Senior Transaction Manager Maria Betancourt of the firm’s capital markets group completed the assignment, with support from Executive Managing Director Steven Schultz, Managing Director Dan Reider, Managing Director Kyle Eaton and Managing Director Chris Koeck.
“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,” Welsh said. “50 and 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.”
The other properties within the portfolio include 30, 40 and 45 Technology Drive and 7 Powder Horn Drive in Warren. In announcing the deal, Newmark noted that the Somerset buildings are 91 percent leased to a diverse roster of tenants across the distribution, manufacturing, import and export, health care and pharmaceutical and biotech industries.
Additionally, the team has completed more than 100,000 square feet of new leases and renewals over the last six months, providing stable cash flow with the opportunity to reset rents on rollover, Newmark said. The properties are a mile from Interstate 287, offering accessibility to hourly, highly skilled and executive-level labor pools within a 30-minute drive.
“We appreciate Newmark’s commitment to selling this portfolio over the last three years,” said David Archibald, Ivy Realty’s chief investment officer. “They were able to execute transactions on disparate asset types from life sciences, to corporate headquarters to warehouse, attracting private and institutional capital.”
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