45 Technology Drive in Warren — Courtesy: Newmark
By Joshua Burd
A joint venture has sold a pair of multipurpose commercial buildings in Warren, marking its latest transaction at a renovated and rebranded campus near Interstate 78.
According to brokers with Newmark, a private investor purchased the two-building, 140,000-square-foot portfolio from Ivy Realty and Waterfall Asset Management. The buildings, located at 40 and 45 Technology Drive, are 81 percent leased to a mix of research and development, technology, product development, distribution, assembly and office users, accounting for two of the four properties at the Warren Innovation Center.
The two buildings traded for $19 million, according to CoStar.
“We are extremely pleased to have represented Ivy Realty and Waterfall Asset Management on the sale of 40 and 45 Technology Drive,” Newmark’s Kevin Welsh said. “This sale signified the culmination of a highly successful repositioning of the campus, which included the rebranding to Warren Innovation Center and implementing an extensive capital improvement program.”
Welsh, an executive managing director, brokered the sale alongside Managing Director Brian Schulz and Associate Jason Emrani, with support from Executive Managing Director Steven Schultz and Managing Director Dan Reider. They noted that 40 and 45 Technology Drive benefit from more than $2.4 million in recent upgrades by the sellers, helping to attract leases such as a long-term, 67,000-square-foot commitment by Huber + Suhner Astrolab Inc.
The sale is the third that Newmark has completed over the last 15 months at the Warren Innovation Center, working on behalf of the joint venture. Including 7 Powder Horn Drive and 30 Technology Road, which the firms sold last year, the four buildings have traded for more than $57 million in total value.