Hamilton commercial real estate firm Fennelly Associates, an independent solutions provider serving New Jersey and Pennsylvania, has tapped into the life sciences market with its arrangement of a $7.7 million sale at 31 Schalks Crossing Road in Plainsboro, a unique facility first used as a hub for nuclear, then pharmaceutical research, as well as drug manufacturing.
Both Jerry — the SIOR-designated president of Fennelly Associates — and Matt Fennelly, a corporate real estate specialist, were active in the approximately twelve-month transaction process and marketing campaign for the 50,150-square-foot property that spans 31 acres.
Prior to the purchase, 31 Schalks Crossing Road was the “state-of-the-art” site of Jacobus Pharmaceutical. Fennelly Associates represented the seller of the technology building, Turkey Island Corporation, as well as its buyer, Life Science Park, LLC.
According to the press release, “31 Schalks Crossing Road was originally constructed in 1957 as one of several similar buildings designed to commercialize isotopes across the country. Columbia University and The Institute of Advanced Study jointly ventured the Princeton reactor, the nation’s first privately owned nuclear reactor. Utilized as a research reactor by a variety of public and private research institutions including nearby Princeton University, 31 Schalks Crossing Road played an integral role in the United States’ nuclear power research program for over five decades. However, local population growth and ongoing funding concerns forced the reactor to be permanently shut down in the late 1970s.”
The new owner, Princeton Life Science Park, will retain the personnel of Jacobus Pharmaceutical and acquire the previous company’s equipment and product patents.
“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 says in a quote. “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.”
For more information on Fennelly Associates, see 609-520-0061 or www.fennelly.com.
