200 Elmora Ave. in Elizabeth — Courtesy: JLL
By Joshua Burd
The owner of an active research and development facility in Elizabeth has placed the property on the market for sale, in an offering by JLL’s New Jersey capital markets team.
Located at 200 Elmora Ave., the 249,200-square-foot complex is designed to support oral solid dosage forms, according to the brokerage team. It also has what’s known as cGMP manufacturing technologies — short for current good manufacturing practices — that include low-shear, high-shear and spray granulation, as well as fluid bed drying, encapsulation and coating capabilities.
“The property, currently owned and operated by a publicly traded pharmaceutical manufacturer, presents an investor a rare value-add opportunity in one of the state’s most densely populated cities,” JLL wrote in a recent announcement. The facility also provides an opportunity to “capture the high-watermark rents commanded in the coveted New Jersey life science market,” which equate to more than $50 per square foot.
JLL’s Jeremy Neuer, Jose Cruz, Kevin O’Hearn and Peter Kim are marketing the property, with John Buckley and Gerard Quinn available for leasing and financing advisory, respectively. They noted that 200 Elmora is minutes from major thruways such as the New Jersey Turnpike, the Garden State Parkway, interstates 278 and 78 and Route 27.
It also has immediate access to Newark Liberty International Airport and one of the most heavily trafficked ports in North America. Meantime, users are a short drive from academic institutions such as the New Jersey Institute of Technology, Kean University and Rutgers University, which provided more than $929.3 million in research grants and sponsored programs alone in 2023.
Other features include:
- GMP suites with variable air balancing and low humidity capabilities
- Wet and dry granulation technologies
- Dry blends, tumble, high- and low-shear granulation up to 1.2 million kilograms, density dependent
- Electric clean steam generators
- Functional and nonfunctional coatings including both variable and extended release
- Tray and fluid bed dryers
- Powder in capsules
- 6 billion-unit annual capacity
- Proven regulatory track record
- DEA schedule I-V
- Packaging
- GMP warehouse
- Quality control and analytical laboratories and product development laboratories
