Tim Sullivan, the CEO of the state Economic Development Authority — Photo by Edwin Torres/Governor’s Office
By Joshua Burd
The state is seeking a buyer for 26 acres along Route 1 in North Brunswick, touting the parcels’ location in the heart of New Jersey’s research and development corridor.
According to the Economic Development Authority, which owns the properties, the solicitation includes a 24-acre tract directly south of the highway and east of Milltown Road, along with two nearby acres that include a retention basin. The agency on Monday issued a request for proposals from prospective purchasers, noting that it has received several unsolicited offers and inquiries for the parcels in recent years.
The sites are listed as Block 252, Lots 1.03 and 1.06, respectively, according to the EDA. Respondents may submit offers to buy the property outright or ground lease it with the obligation to purchase it at the end of the lease term.
“We encourage companies looking to enter, or expand within, New Jersey’s dynamic innovation ecosystem to consider this prime spot between Princeton and Rutgers universities,” said Tim Sullivan, the authority’s CEO. “Under Governor (Phil) Murphy’s leadership, New Jersey is recapturing its role as a leader in innovation and we routinely hear from entrepreneurs about the positive impact locating in the state has on their businesses. Often-cited assets include the state’s top-notch talent pipeline, including the vast pool of scientists and researchers, and easy access to major economic hubs up and down the Northeast Corridor.”
The RFP comes around 17 years after the EDA purchased the sites from DKM Properties, an affiliate of what was then The Gale Co. Since March 2017, it has received several unsolicited offers and inquiries to purchase the properties, prompting it to now place them on the market while hoping to cast a wide net.
The authority is holding a question and answer period through Jan. 17, while proposals are due by 1 p.m. March 16. It estimates issuing a recommendation on the properties by mid-May.