Cushman & Wakefield arranged the sale of a 78,922-square-foot life science research and development facility located in Princeton, according to a Monday announcement.
Located at 350 Carter Road, the asset is a single-story, 78,922-square-foot lab building situated on 19 acres of land. The property features a mix of chemistry and biology labs; nuclear magnetic resonance suites; solvent storage rooms; temperature-controlled rooms; a central glass washroom; nearly 100 fume hoods piped for nitrogen, carbon dioxide, vacuum and compressed air, along with many other features catered to the modern-day life science user. It is also fully leased to a chemistry service provider.
Cushman & Wakefield’s Gary Gabriel, David Bernhaut, Frank DiTommaso, Brett Grifo, Keith Braccia and Eric Johnstone, with support from local leasing specialists Shawn Straka and Todd Elfand, represented the owner, an affiliate of Equus Capital Partners Ltd., in the transaction.
“The life sciences sector continues to pique the interest of the national capital markets and, given the lack of offerings throughout the region for truly built-out lab and R&D space, we saw a tremendous amount of investor interest and bidding activity,” Bernhaut said.
“The building’s exceptional infrastructure and history of capital improvements made by its previous pharmaceutical research users provided buyers with an added level of security and the property’s recent leasing success further validates Princeton as a focal point for New Jersey’s life sciences industry,” DiTommaso added.
The property is strategically located in New Jersey’s “Einstein Alley,” and is surrounded by a myriad of life science and pharma companies. The asset is equidistant from New York City and Philadelphia, both of which are within an hour drive.
“Located in proximity to the state’s top medical facilities and educational institutions, this fully leased, state-of-the-art lab facility offered investors a steady income stream and limited downside in what is becoming a highly sought-after product type,” Grifo said.
