270 Prospect Plains Road in Cranbury — Courtesy: Cushman & Wakefield
By Joshua Burd
A pharmaceutical manufacturer has signed a full-building, 233,000-square-foot lease at a Matrix Development Group industrial complex in Cranbury, Cushman & Wakefield announced.
Brokers with the real estate services firm said Tuesday that CMIC CMO USA, a contract manufacturer of oral solid dosage products, will occupy 270 Prospect Plains Road on a long-term basis. The deal comes as part of what C&W described as a complex process, which involved a lease termination with an existing tenant, Sun Pharmaceutical, and CMIC’s purchase of in-place research and development infrastructure at the building.
Cushman & Wakefield’s Shawn Straka and Chuck Fern headed the brokerage team with Todd Elfand, Jason Barton, Thomas D. Tucci, Stephen Shoemaker, Paul Giannone, Kevin Carton, Jaclyn Marques, Elizabeth Rouse and Joseph Vacca. Gary Hans, Matrix Development’s vice president of acquisitions, represented ownership.
“The cooperation of three entities — Matrix, Sun Pharmaceutical and CMIC CMO USA — was critical to the success of this transaction,” Fern said. “Ultimately, we were pleased to support a win-win-win situation for all parties and Gary did a phenomenal job of bringing this deal to the finish line.”
Located on 23 acres, 270 Prospect Plains Road is zoned industrial-light impact and offers immediate access to Exit 8A of the New Jersey Turnpike, C&W said in a news release. Its new tenant, which specializes in the formulation development and commercial services for oral solid dosage products, will use the facility for office, research and development, production, packaging, manufacturing, warehousing and distribution of pharmaceutical and related products.