WARREN, NJ – Newmark Knight Frank has sold the multi-usebuilding at 30 Technology Dr. S. in Warren, NJ, on behalf of thejoint-venture partnership, Ivy Realty and Waterfall AssetManagement.


Purchased by Mountain Development Corporation, the two-story,95,111-square-foot building comprises office, production,warehouse, and research and development space. The property iscurrently 92% leased to an array of STEM tenants within the medicaldevice, engineering and technology sectors.


The seller recently a capital improvement program at theproperty, which encompassed a new roof, façade and site work, andupgrades to the lobby and common areas.


Newmark Knight Frank's capital markets group of executivemanaging director, Kevin Welsh, managing director, Brian Schulz andassociate, Jason Emrani represented the seller in the transaction.Newmark Knight Frank's executive managing director, Steven Schultzand director, Dan Reider facilitated the client relationships andsupport for the transaction. The team additionally procured thebuyer.


"Situated in one of New Jersey's most prestigious STEM markets,30 Tech's unique multi-use design and flexible zoning provide theopportunity to accommodate a broad range of diverse businessoperations in one location, which has been integral in attractingand retaining the current tenant roster," said Welsh. "MountainDevelopment is well-positioned to benefit from the recentlycompleted capital improvements and realize substantial upside fromgrowing income through the execution of its asset managementplan."

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.