Solar farm in Warren County is sold for $3.5M

Cushman & Wakefield has arranged the sale of the I-78 Solar Farm in Warren County for $3.5 million, the firm said in a statement.

The 10-megawatt solar farm, installed and operated by NJR Clean Energy Ventures III, sits on 49 acres just off Exit 3 of Interstate 78 in Pohatcong.

The property is fully leased to NJR, a subsidiary of New Jersey Resources Corp. and the largest owner-operator of solar farms in the state, Cushman & Wakefield said.

The team of Andy Merin, Kyle Schmidt, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, RDG at Pohatcong, and procured the buyer, Turner Group, the firm said.

“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,” Schwartz said.

The site is part of a 170-acre development that, once finished, will include 244 single-family townhomes and a 120-unit apartment complex, Cushman said.