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One World's Fair Drive in Somerset.

One World's Fair Drive in Somerset, NJ, a 54,000 square-foot office building, has been sold by First Industrial Realty Trust (FIRT) to the University of Medicine & Dentistry of New Jersey (UMDNJ), announced Ronald M. Mahr, president of Weichert Commercial, Realtors. The purchase price was not disclosed.

Arnold Barton, senior vice president, and Marc Magliaro, sales associate of Weichert Commercial, represented the buyer. Jeffrey Punia, regional manager of FIRT, represented the seller.

"One World's Fair Drive, a former HIP site, was occupied by UMDNJ as sole tenant on April 1, 1999. Subsequently, FIRT made a corporate decision to divest their inventory of non-industrial properties. This facility went on the block," said Barron. "The University considered the offering. After the decision to negotiate the purchase was made, it took less than a month to close."

Weichert Commercial represents UMDNJ in their continuing search for medical research and treatment facilities in Northern and Central New Jersey. UMDNJ previously leased a total of 87,272 square feet in three locations.
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Publication:Real Estate Weekly
Geographic Code:1U2NJ
Date:Nov 3, 1999
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