Newmark Knight Frank sells STEM-centric building in Warren

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Global commercial real estate advisory firm Newmark Knight Frank (NKF) said Thursday it sold 30 Technology Drive S. in Warren on behalf of a joint venture partnership between Ivy Realty and Waterfall Asset Management.

Executive Managing Director Kevin Welsh, Managing Director Brian Schulz, and Associate Jason Emrani of NKF’s Capital Markets group represented the seller in the transaction. Executive Managing Director Steven Schultz and Director Dan Reider were instrumental in facilitating the client relationships and support for the transaction. The team was also responsible for procuring the purchaser, Mountain Development Corp.

“30 Tech” is a 95,111-square-foot, two-story multi-use building comprised of office, production, research and development, and warehouse space, prominently located at the entrance of the Warren Innovation Center.

The Property is 92 percent leased to a broad base of STEM tenants in the medical device, engineering and technology sectors.

The seller recently completed a capital improvement program that included a new roof, site work and facade, along with upgrades to the lobby and common areas, creating a collaborative, modern work environment.

“Situated in one of New Jersey’s most prestigious STEM markets, 30 Tech’s unique multi-use 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 Welsh. “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,” he added.