X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRANBURY, NJ-Pharmaceutical giant Bristol-Myers Squibb has officially put its 224,000-sf distribution center here on the market, and has tapped the Chatham, NJ-based Garibaldi Group to either lease or sell the building for single or multiple tenant use. The facility became expendable in the wake of the company’s consolidation of its national distribution network, and as reported earlier this year by GlobeSt.com, the local operation will be moved to a newer facility in Indiana.

Handling the assignment for Garibaldi will be Robert T. Morford, Gerald E. Moore Jr., James Bortolotti and C.J. McCourt. The firm has a long track record with BMS, having handled many of the company’s real estate assignments dating back to 1987.

Coincidently, Garibaldi is currently co-handling, with Woodbury, NY-based Corporate National Realty, the disposition of BMS’s 180,000-sf manufacturing facility in Garden City, NY. While a $40 million price tag has been put on the Garden City facility, company officials have not yet announced an asking price for the Cranbury facility.

As is the case with the Garden City facility, however, the marketing effort is targeting like-kind purchasers or tenants, according to Morford. BMS is making available to potential buyers the facility’s existing distribution equipment, including temperature control systems, refrigeration units and racking. The site is currently zoned for warehouse, office, manufacturing, lab and research uses.

“This facility is located in the heart of the [NJ Turnpike] Exit 8A marketplace, which has experienced strong activity over the past four months,” Morford says. “We’re confident that this facility and location will draw a lot of interested users.”

One Squibb Drive, as it is addressed, encompasses a 23-acre site that, according to local officials, is fully built-out in terms of its density and is not expandable. Features of the 16-year-old building include 26-foot ceiling heights, according to Morford, along with 17,600 sf of refrigerated storage areas and a computer room.

As reported earlier by GlobeSt.com, “normal” operations will cease at the end of this month and the building will be completely closed by the end of June. One-third of the facility’s 125 workers are losing their jobs, while the remainder, mostly IT, operational and customer service people, are being transferred to BMS’s companion facility just down the road in Plainsboro, NJ.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.