The site's stock of 14 buildings totals nearly 350,000 sf of mixed-use space, built in phases between 1957 and 1970. And Rhodia will likely continue to have a presence here--as part of the sale agreement, the chemical conglomerate has the option to lease back up to 100,000 sf of office space and 50,000 sf of lab space.
Besides the leaseback option, the other terms of the transaction have not been disclosed. But as reported by GlobeSt.com, industry sources put the sale price in the $35-million range.
The Conshohocken, PA-based PREI completed the deal with no zoning contingencies. The new owner, a privately-held development firm, has already indicated that it intends to redevelop a large portion of the site.
"This strategically visible location offers the biggest land opportunity along the New Jersey Turnpike, on which it has a 2,000-foot frontage," says Michael O'Neill, PREI's founder and chairman. The property is located between Turnpike exits 8 and 8A in Central new Jersey. His company expects to unveil its "specific plans soon," in O'Neill's words.
The closing completes PREI's second major transaction in the Garden State in the past six months. Late last year, the company spent $16 million to buy the 388-acre former Ingersoll-Rand industrial property in Phillipsburg, Warren County, and in the process took over the redevelopment of the vacated site that I-R had already begun.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
