A newly constructed — but already fully occupied office and lab building in East Windsor has been sold for $17.6 million. The transaction for 100 Sci-Park was announced on May 31 by Cushman & Wakefield, which arranged the sale.
The Cushman & Wakefield team of Andrew Merin, David Bernhaut, Gary Gabriel, Kyle Schmidt, and Nick Karali represented the seller, Woodmont Properties, based in Parsippany.
The buyer is Inland Real Estate Acquisitions — the purchasing arm for various companies that are part of the Inland Real Estate Group of Companies, headquartered in Oak Brook, IL.
“We typically pay all cash for properties, so we can close quickly with no mortgage contingencies,” states Inland’s website. “Since 2005 we have purchased 1,159 transactions valued at more than $17 billion, earning us a reputation for closing on the vast majority of properties we put under contract.”
Completed in 2010 on a speculative basis, the 65,552-square-foot building was recently fully occupied by Elementis Specialties, a subsidiary of Elementis PLC, based in Britain. The company signed a 15-year lease through 2027.
Elementis, which will use 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, CMG 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,” says Bernhaut.
Situated on a 20-acre parcel bounded by Route 133 and Old Trenton Road, 100 Sci-Park is the first building in a planned 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.
Elementis Specialties Inc. (ELM.L), 100 SciPark, East Windsor 08512; 609-443-2000; fax, 609-443-2422. Greg McClatchy, president. www.elementis-specialties.com.