Kislak Commercial Real Estate Services together with The Garibaldi Group on Tuesday announced they recently sold a 52,068 square foot corporate office complex in Basking Ridge, Somerset County, to Aucta Pharmaceuticals Inc., a technology-based company focusing on the development and commercialization of branded specialty products, for $4.6 million.
Brian Cass and Peter Blanchard of The Garibaldi Group marketed the property throughout the pandemic on behalf of the owner, McElroy Deutsch Law Firm. The property, located at 170 Mount Airy Road, garnered heavy interest from residential developers, colleges, hospitals, industrial developers, medical, daycare, office, and lab users while on the market.
Kislak Executive Vice President Peter Wisniewski represented the buyer, Aucta Pharmaceuticals, which maintains offices in New Jersey and Shanghai, China. McElroy Deutsch’s General Counsel, Lucille Karp, represented the seller in the transaction.
“Given a true lack of fully vacant buildings that users can purchase versus lease in this particular size range, this asset drew interest from an incredibly wide array of buyers,” said Cass. “We are thrilled to have completed this transaction on behalf of a long-time client of the firm.”
The two-story building, set on more than 8 acres, will provide Aucta the larger footprint they were looking for, in a convenient location. The property consists of five interconnected one- and two-story brick buildings which were built in 1970. The site offers parking for 190 cars and at the time of closing, the complex was vacant.
“Aucta is an innovative, growing pharmaceutical company in New Jersey that understands the demand for better quality and research to deliver the best products available to those that need them,” Wisniewski said.
Once Aucta establishes its facilities, it may offer available space to other lab and office companies looking to expand in the market.
Conveniently located along the commercial corridor of Mount Airy Road among several other office complexes and around the corner from access to Interstate 287, the property is two miles from downtown Bernardsville and New Jersey Transit service to New York City.