The seller, the New York-based ING Clarion Partners as advisors to the Lion Properties Fund, was represented in the transaction by Paul Torosian, principal, and Karen Iman, vice president of the Trammell Crow Co. Taro Pharmaceuticals was represented by James B. Tully of CB Richard Ellis and Michael Grossman of Mack-Cali.
The new location is expected to initially create some 200 jobs, with another 200 to be added in about a year, according to company officials. Taro won approval from the state, last fall, for a Business Employment Incentive Program grant that's said to be worth upwards of $1.3 million over the next decade based on the number of jobs created.
"The establishment of our New Jersey distribution center will enable our company to continue to provide the levels of service that our customers have come to expect," says Barrie Levitt, chairman of the company. "With the New Jersey acquisition, Taro now has more than one million sf of research, manufacturing and distribution space worldwide."
Taro Pharmaceuticals, which has its North American headquarters in Hawthorne, NY, develops, makes and markets generic and branded pharmaceuticals, both prescription and over-the-counter. The company maintains research, manufacturing and distribution operations in Israel, the US and Canada, and recently acquired a new facility in Roscrea, Ireland.
Situated on a 25-acre site at 1 Commerce Dr. here, the facility "incorporates first-generation design features, including ESFR fire protection, 30-foot clear height, laser screed flat floors and 100% air conditioning," according to Torosian.
Seller ING Clarion Partners and its affiliates continue to manage some $13 billion in assets for institutional and private clients in both private and public equity and debt. The firm is part of ING Group.
Taro's new building was vacated just over a year ago by Volkswagen, which moved its regional parts distribution operations to a new, one million-sf complex, done as a build-to-suit just down the road in Cranbury, NJ.
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