Pharmaceutical Manufacturer Signs 233,000 SF Industrial Lease in Cranbury
The transaction, according to Cushman & Wakefield, for the full-building lease involved the negotiation of a lease termination with existing tenant, Sun Pharmaceutical, and the arrangement for the purchase of in-place research and development infrastructure.
CRANBURY, NJ— CMIC CMO USA, a contract manufacturer for the pharmaceutical industry, has signed a 233,000-square-foot long-term industrial lease deal at Matrix Development Group’s 270 Prospect Plains Road here.
The transaction, according to Cushman & Wakefield, for the full-building lease involved the negotiation of a lease termination with existing tenant, Sun Pharmaceutical, and the arrangement for the purchase of in-place research and development infrastructure.
CMIC CMO USA was represented by Cushman & Wakefield’s Shawn Straka and Chuck Fern who headed the brokerage team with Todd Elfand, Jason Barton, Thomas D. Tucci, Stephen Shoemaker, Paul Giannone, Kevin Carton, Jaclyn Marques, Elizabeth Rouse and Joseph Vacca. Matrix Development’s VP of acquisitions Gary Hans, represented the building owner in the transaction.
“The cooperation of three entities—Matrix, Sun Pharmaceutical and CMIC CMO USA—was critical to the success of this transaction,” says C&W’s Fern.
Located on 23 acres, 270 Prospect Plains Road is zoned industrial-light impact and offers immediate access to Exit 8A of the New Jersey Turnpike.
CMIC CMO USA, which specializes in the formulation development and commercial services for oral solid dosage products, will use the facility for office, research and development, production, packaging, manufacturing, warehousing and distribution of pharmaceutical and related products.