(Read more on the industrial market.)
ALLENDALE, NJ-Progenitor Cell Therapy, a stem-cell medicaltherapeutics company, has acquired a 30,067-sf condominium interestat 4 Pearl Court, a 41,227-sf R&D facility within AllendaleIndustrial Park. The seller was First Industrial Realty Trust,which continues to own the rest of the building and the industrialpark.
PCT was represented by first VP Randy Eigen, EVP JeffreyBabikian, and first VP Christopher Olsen. First Industrial wasrepresented in-house by Richard Vanderbeck of the firm's Pine Brookoffice. Terms were not released. The company will utilize the spaceas its headquarters and for R&D, with plans to fit it out as acombination lab, clean room, cryogenic freezer storage andoffices.
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