Two pharma firms buy buildings along I-287

By Lynda Cohen
Piscataway/Somerset | Oct 25, 2017 at 10:24 am

Two pharmaceutical companies have bought properties along that state’s Interstate 287 corridor.

MSN Pharmaceuticals and Somerset Therapeutics have acquired the locations through property trades brokered by Cushman & Wakefield.

Managing Director Shawn Straka, of the Morristown office, represented the buyers in both transactions.

“The I-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. “This industry continues to grow statewide, leading to strong demand for (research and development) 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.”

MSN Pharmaceuticals purchased a 203,674-square-foot building at 20 Duke Road in Piscataway.

MSN’s regional administrative offices will move there from Edison, along with its new United States R&D and manufacturing operation.

MSN is one of the fastest-growing manufacturers of active pharmaceutical ingredients and finished dosages in India, according to the company’s website.

Jones Lang LaSalle’s Joel Lubin and Chad Hillier represented the seller, Penwood Real Estate.

Somerset Therapeutics acquired a 67,000-square-foot facility at 300 Franklin Square Drive in Somerset.

Founded in 2015, the sterile pharmaceutical company manufactures and markets injectable and ophthalmic drugs for the U.S. marketplace.

Fahri Ozturk of Marcus & Millichap represented the seller, Candela Properties.

The robust industrial market across the state of New Jersey is creating strong competition for available properties, Straka said.