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Mixed-Use

Somerset Innovation & Flex Center

150 Pierce St, Somerset, NJ 08873

Listing Price: $28,000,000

Cap Rate
8.76%
Gross SF
141,000
Rentable SF
141,000
Price/Gross SF
$198.58
Lot Size
16.92 acres
Year Built
1992

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.

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)

Exclusively Listed By

Financing By

Mixed-Use

Somerset Innovation & Flex Center

Listing Price: $28,000,000

Cap Rate
8.76%
Gross SF
141,000
Rentable SF
141,000
Price/Gross SF
$198.58
Lot Size
16.92 acres
Year Built
1992

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.

Exclusively Listed By

Financing By

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