Somerset Technology Center, a two-building, 129,000 sq. ft.and warehouse complex in Warren, N.J. has been sold to the Hampshire Cos. by Archon Group.
“The Hampshire Companies capitalized on an attractive opportunity,” says David Bernhaut of Cushman & Wakefield, who orchestrated the transaction with Andrew Merin, Gary Gabriel, and Robert Donnelly, Jr.
Thecenter sits on 15.7 acres, and includes a 23,000 sq. ft. building with17,000 sq. ft. of warehouse and 6,000 sq. ft. of office space. A second building encompasses 106,000 sq. ft. with 41,000 sq. ft. of warehouse and 65,000 sq. ft. of office space. The previous owner had approvals to redevelop and expand the existing site up to 172,000 sq. ft.
Somerset County, N.J. ranks as the fifth most affluent county in the nation and has an estimated average household income of $117,685. From 2007 to 2008, it also had the second largest increase in population growth in, says Bernhaut.