350 Carter Road in Hopewell Township — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment manager has sold a nearly 80,000-square-foot life sciences building just outside Princeton, under a deal arranged by Cushman & Wakefield.
Brokers represented the seller, an affiliate of Equus Capital Partners Ltd., in the trade of 350 Carter Road to an undisclosed buyer. They noted that the 78,922-square-foot structure in Hopewell Township is a fully leased research and development facility, making it attractive to a growing buyer pool in the asset class.
Terms were not disclosed.
“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,” said C&W’s David Bernhaut, who brokered the deal alongside Gary Gabriel, Frank DiTommaso, Brett Grifo, Keith Braccia and Eric Johnstone, with support from local leasing specialists Shawn Straka and Todd Elfand.
Sitting on 19 acres, the single-story building has a mix of chemistry and biology labs, nuclear magnetic resonance suites, solvent storage rooms, temperature-controlled rooms and a host of other features geared toward modern-day life science users, C&W said. The brokers did not identify the tenant, only describing it as a chemistry service provider.
“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 said.
C&W also pointed to its location in the state’s best-known life sciences corridor, adding that it is an hour’s drive from both New York City and Philadelphia.
“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.
