CUSHMAN & WAKEFIELD ARRANGES $17.625 MILLION SALE OF PRINCETON AREA’S 100 SCIPARK
Single-tenant Office/Lab Building is Leased for 15 Years to Elementis Worldwide
EAST WINDSOR, N.J. – June 1, 2012 – (RealEstateRama) — Cushman & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has arranged the $17.625-million sale of 100 SciPark, a 65,552-square-foot, newly constructed office and lab building. The CMG team of Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt and Nick Karali represented the seller, Woodmont Properties, and secured the buyer, Inland Real Estate Acquisitions, Inc.
Completed in 2010 on a speculative basis, 100 SciPark was recently fully occupied with a 15-year lease through 2027 by the Elementis Worldwide subsidiary of Britain’s, Elementis PLC. Elementis Worldwide, which will utilize the location as its global headquarters, focuses on the conversion of organic chemicals and minerals into polymers and other materials for use in paints, cosmetics, cleaners and oil exploration. The company’s $10 million fit-out included a substantial amount of lab space and a state-of-the-art pilot plant.
“The level of interest in this offering was very strong,” said Bernhaut, vice chairman. “The combination of a stabilized asset with full occupancy by a growing, good credit tenant in a scientific field made this a particularly good long-term acquisition. The facility also benefits from its location—it is also situated in the greater Princeton area, one of New Jersey’s premier R&D corridors.”
Situated on 20 acres bounded by Route 133 and Old Trenton Road in Mercer County, 100 SciPark is the initial building in a first-class R&D campus. Designed for high-tech companies, the campus is approved for 240,000 square feet in four buildings. At build-out, the campus will include a combination of lab, R&D, office and flex space.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $16 billion worth of transactions since 2000.
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