By Joshua Burd
A new 49-acre solar farm in Warren County has changed hands for $3.5 million, under a transaction arranged by Cushman & Wakefield.
Brokers with the firm represented the seller, RDG at Pohatcong LLC, in its disposition of the property off Exit 3 of Interstate 78. Located in Pohatcong, the 10-megawatt solar farm is fully leased to NJR Clean Energy Ventures III, a subsidiary of New Jersey Resources Corp., on a long-term basis after the company recently installed the array.
Turner Group purchased the property.
“Considering the enormous barrier to entry and the fact this site took 10 years of planning, negotiating and constructing to ultimately come online in January 2020, it’s no surprise that we saw strong interest in the I-78 Solar Farm,” said Cushman & Wakefield’s Andrew Schwartz, who brokered the sale with Andy Merin, Kyle Schmidt, Jordan Sobel and Andre Balthazard.
The team noted that the site is part of an overall 170-acre development that, once constructed, will include 244 single-family townhomes and a 120-unit apartment complex.