Life Science Firms Buy NJ Industrial Assets
- Oct 31, 2017
Two central New Jersey industrial buildings situated along the Interstate 287 corridor changed hands in two separate deals brokered by Cushman & Wakefield. The assets total a combined 270,674 square feet and will be fully occupied by their new owners.
Manufacturers of active pharmaceutical ingredients MSN Pharmaceuticals acquired 20 Duke Road, a 203,674-square-foot industrial building in Piscataway, N.J. The built-to-suit facility features ample power and access to multiple fiber networks and data centers, in addition to high ceilings and more than 120 parking spaces. The asset will serve as the new owner’s U.S. branch of R&D and manufacturing operations and will house the firm’s administrative offices, which will be relocated from Edison, N.J. The seller was Penwood Real Estate.
The other sale is of Candela Properties’ 300 Franklin Square Drive in Somerset, N.J. The 67,000-square-foot warehouse traded for $6.2 million and was purchased by Somerset Therapeutics, an injectable and ophthalmic drugs manufacturer.
Life sciences hub
Cushman & Wakefield Managing Director Shawn Straka represented the buyers in both transactions. JLL’s Joel Lubin and Chad Hiller acted on behalf of Penwood Real Estate, while Marcus & Millichap’s Fahri Ozturk negotiated the transaction on behalf of Candela Properties.
The Piscataway facility previously traded in 2014 for $7.5 million, public records show. The Somerset facility was previously sold in 2008 for $5.5 million.
“The Interstate 287 Corridor submarket has long been the heart of life sciences in New Jersey and the commitments by MSN Laboratories and Somerset Therapeutics show the market’s sustained appeal,” Straka said in a prepared statement. “This industry continues to grow statewide, leading to strong demand for R&D and manufacturing space. Life science companies are investing significant capital to create new R&D facilities, and they are opting to own rather than lease.”
Image courtesy of Yardi Matrix