Dealmaker: NKF Sells $152M New Jersey Life Sciences Campus

Newmark Knight Frank, New York, sold the New Jersey Center of Excellence in Bridgewater, N.J. on behalf of CrossHarbor Capital Partners, Boston, and Advance Realty Investors, Bedminster, N.J.

NKF Co-Head of U.S. Capital Markets Rob Griffin, Executive Managing Directors Kevin Welsh and Matt Pullen, Managing Director Brian Schulz and Financial Analyst Jason Emrani represented the sellers in the $152 million transaction and procured buyer Thor Equities, New York.

The New Jersey Center of Excellence includes seven interconnected Class A laboratory/R&D/office buildings totaling 783,500 square feet. Anchored by Nestle Health Sciences, Amneal Pharmaceuticals and Ashland, the 86 percent leased property occupies 48 acres. Tenants have 9.1 years of weighted-average lease term remaining.

“This sale highlights the successful repositioning of the former Sanofi campus by CrossHarbor and Advance as well as the strong demand for life sciences investment offerings,” said Griffin.

Welsh noted the acquisition gave Thor the opportunity to own an institutionally developed life sciences campus. “The property’s long-term, durable cash flow with upside through increasing below-market rents were key investment drivers for Thor,” he said.

NKF also sold One Park Way in Haverhill, Mass.

American Healthcare Investors paid $15.5 million to Pentucket Medical Realty Limited Partnership for the 63,500-square-foot medical office building. NKF Executive Managing Director Frank Nelson, Senior Managing Director Michael Greeley and Senior Financial Analyst Casey O’Brien oversaw the transaction.

Presently fully leased to six tenants, One Park Way is anchored by Partners Community Physicians Organization. It is known locally as the Pentucket Medical Center. The building has a layout for a variety of healthcare practices and features clinical specialties with significant tenant investment.