31 Schalks Crossing Road in Plainsboro — Courtesy: Fennelly Associates
By Joshua Burd
The site of a pharmaceutical research and manufacturing complex in Plainsboro has changed hands for $7.7 million, brokers with Fennelly Associates announced Wednesday.
The property, located at 31 Schalks Crossing Road, sits on 31 acres about three miles from Route 1. Fennelly Associates President Jerry Fennelly and Matt Fennelly, a corporate real estate specialist with the firm, represented Turkey Island Corp. in the sale to Princeton Life Science Park LLC, noting that the deal also includes the patents on the prior owner’s pharmaceutical products and its manufacturing equipment.
In announcing the sale, the brokerage team noted that the property was once the site of the nation’s first privately owned nuclear reactor, its original use, serving as a research facility for institutions such as Princeton University and playing a key role in the U.S. nuclear power program, before being shut down and later repurposed for its current use.
“While 31 Schalks Crossing Road’s historical value and recognizable features stand out in the local area, they also made attracting prospective buyers more difficult,” Jerry Fennelly said. “However, our team’s ability to highlight the potential of spaces and deep experience in marketing a diverse slate of buildings across the region consistently allows us to find prospective buyers for any property and help our clients meet their strategic business goals.”
Constructed in 1957, the facility was among several similar buildings designed to commercialize isotopes across the country, according to a news release. It ceased operations in the late 1970s due to the growing local population and ongoing funding concerns and later became a life sciences facility, following extensive remediation and renovation, serving as the home to a leading manufacturer of generic pharmaceuticals for 20 years.
The building’s now-former owners tapped Fennelly to market the site early last year.