Mixed-Use
Somerset Innovation & Flex Center
150 Pierce St, Somerset, NJ 08873
Listing Price: $28,000,000
Investment Overview
Marcus & Millichap is pleased to exclusively present Somerset Innovation & Flex Center, a 141,000 SF institutional-quality flex and office property located at 150 Pierce Street, Somerset, NJ.
This fully leased asset features a strong tenant mix, including Pharmscript, a national healthcare services provider, and Thomas Edison EnergySmart Charter School, a top-performing K-12 institution. Both tenants have long-term leases in place, ensuring stable cash flow and minimal landlord responsibilities.
Strategically positioned in Somerset County, the property offers prime accessibility to I-287, I-78, and the NJ Turnpike, placing it within a key industrial and business corridor with strong market fundamentals. Additional revenue is generated through a rooftop solar system, contributing to a high-yield, low-maintenance investment.
This rare opportunity presents secure long-term income, strong credit tenancy, and significant value preservation in a supply-constrained market.
Somerset Innovation & Flex Center
Investment Highlights
- Fully Leased with Strong In-Place Cash Flow: 100% Occupancy with Two Established Tenants Providing Stable, Long-Term Rental Income.
- Pharmscript – OptumRX Subsidiary: Occupies 81,000 Square Feet Under a NNN Lease, Expiring 12/31/2029, Paying $1,660,500 per Year, with Two Three-Year Renewal Options.
- Solid Credit, OptumRX is the Pharmacy Service Provider for United Healthcare.
- Thomas Edison Charter School – Education Sector Tenant: Leased Through 9/1/2035 on a Gross Lease, Paying $942,000 per Year, Ensuring an Extended Income Stream.
- Additional Solar Income: A Rooftop Solar System Generates $67,250.09 per Year, Enhancing Cash Flow and Providing a Sustainable Energy Benefit.
- Attractive In-Place Cap Rate: The Property Delivers a Net Operating Income (NOI) of $2,453,051, Resulting in a Strong 8.74% Cap Rate at the Asking Price.
- Prime Location with Excellent Connectivity: Situated in Somerset, NJ, with Easy Access to Interstate 287, Interstate 78, and the New Jersey Turnpike, Making it Ideal for Logistics, Business Operations, and Education.
- 16.924 Acre Parcel in the Light Manufacturing Zone (M-2)
Listing Price: $28,000,000
Investment Highlights
- Fully Leased with Strong In-Place Cash Flow: 100% Occupancy with Two Established Tenants Providing Stable, Long-Term Rental Income.
- Pharmscript – OptumRX Subsidiary: Occupies 81,000 Square Feet Under a NNN Lease, Expiring 12/31/2029, Paying $1,660,500 per Year, with Two Three-Year Renewal Options.
- Solid Credit, OptumRX is the Pharmacy Service Provider for United Healthcare.
- Thomas Edison Charter School – Education Sector Tenant: Leased Through 9/1/2035 on a Gross Lease, Paying $942,000 per Year, Ensuring an Extended Income Stream.
- Additional Solar Income: A Rooftop Solar System Generates $67,250.09 per Year, Enhancing Cash Flow and Providing a Sustainable Energy Benefit.
- Attractive In-Place Cap Rate: The Property Delivers a Net Operating Income (NOI) of $2,453,051, Resulting in a Strong 8.74% Cap Rate at the Asking Price.
- Prime Location with Excellent Connectivity: Situated in Somerset, NJ, with Easy Access to Interstate 287, Interstate 78, and the New Jersey Turnpike, Making it Ideal for Logistics, Business Operations, and Education.
- 16.924 Acre Parcel in the Light Manufacturing Zone (M-2)
Investment Overview
Marcus & Millichap is pleased to exclusively present Somerset Innovation & Flex Center, a 141,000 SF institutional-quality flex and office property located at 150 Pierce Street, Somerset, NJ. This fully leased asset features a strong tenant mix, including Pharmscript, a national healthcare services provider, and Thomas Edison EnergySmart Charter School, a top-performing K-12 institution. Both tenants have long-term leases in place, ensuring stable cash flow and minimal landlord responsibilities. Strategically positioned in Somerset County, the property offers prime accessibility to I-287, I-78, and the NJ Turnpike, placing it within a key industrial and business corridor with strong market fundamentals. Additional revenue is generated through a rooftop solar system, contributing to a high-yield, low-maintenance investment. This rare opportunity presents secure long-term income, strong credit tenancy, and significant value preservation in a supply-constrained market.
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