CRANBURY, NJ-Multi-Employer Property Trust has sold its 250,499-sf Gateway Business Center here for $12.3 million, which amounts to about $49 per sf. The transaction was arranged by Paul Torosian and Karen Iman of the Princeton, NJ office of Trammell Crow Co.

The buyer was NovaGen Pharmaceuticals, an affiliate of Aurobindo Pharma Ltd. of India, an R&D company focusing on APIs and generic formulations. The building itself is currently 40% leased to multiple tenants, and NovaGen will use the remaining space for a combination of manufacturing and distribution.

“The sale was the result of an unsolicited offer,” according to a spokesperson for MEPT. “The building was developed in 1989, and we forecast challenges in marketing the building to distribution or warehouse tenants, since it suffers from some obsolescence when compared to the new, state-of-the-art industrial buildings in the market. The final price was $5 per sf, or 10%, higher than the asset’s most recent appraisal.”

MEPT is an open-ended commercial equity real estate fund with more than $3 billion in net assets. Organized in 1982 and based in Washington, DC, the trust is maintained by Riggs Bank NA.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

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

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.