Cushman & Wakefield arranged the sale of I-78 Solar Farm, a 49-acre site located just off Exit 3 of Interstate 78 in Warren County, the real estate services firm announced on Sept. 13. The final sale price was $3,500,000.
Cushman & Wakefield’s Andy Merin, Kyle Schmidt, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, RDG at Pohatcong LLC, and procured the buyer, Turner Group.
“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 Schwartz.
The property is fully leased to NJR Clean Energy Ventures III, a subsidiary of New Jersey Resources Corp., on a long-term basis. I-78 Solar Farm houses a brand new, state-of-the-art 10-megawatt solar farm installed and operated by NJR Clean Energy Ventures III—the largest owner-operator of solar farms in the state of New Jersey, with more than 50 solar farms in its portfolio.
The site is part of an overall 170-acre development, which, once constructed, will include 244 single-family townhomes and a 120-unit apartment complex.