Lincoln Equities, H.I.G. Realty Acquire 1.2 MSF Life Sciences Campus in Hopewell, New Jersey
HOPEWELL, N.J. — A partnership between full-service real estate firm Lincoln Equities Group and New York City-based H.I.G. Realty Partners has acquired Princeton West Innovation Campus, a 1.2 million-square-foot life sciences property in Hopewell, New Jersey.
The 433-acre development, which is located about seven miles from Princeton University, is the former campus of Bristol Myers Squibb (BMS). The New York City-based biopharmaceutical firm announced in late 2016 that it would gradually begin ceasing operations and shutting down the campus, according to centraljersey.com.
The sales price was not disclosed, but the property flyer notes that BMS had invested more than $500 million in capital improvements to the campus prior to the sale.
“Given the current public health crisis, we anticipate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and expanding operations in the United States,” says Joel Bergstein, president of Lincoln Equities. “This spacious, modern BMS campus — located in the center of ‘Einstein’s Alley’ in Central New Jersey — is a prime location for continued innovation and expansion.”
Lance Bergstein, an acquisition and development officer at Lincoln Equities, pointed to the region’s skilled and qualified workforce as another key driving factor behind the acquisition.
“New Jersey has one of the most highly educated and skilled workforces in the United States, including the highest concentration of scientists and engineers in the world,” Bergstein claims. “Our life sciences team expects to see an influx of investment across the state.”
The U.S. Census Bureau found that in 2010, approximately 260,000 New Jersey residents were scientists and engineers. With a total land area of roughly 8,700 square miles, that translates to about 30 scientists and engineers per square mile, the most dense concentration of those professions among all 50 states and 37 countries for which that data was collected.
The campus currently includes nine buildings with clinical manufacturing, laboratory and office space, as well as a freestanding research and development building, storage facilities and a data center. The site also features 35 acres that can be used for development.
Onsite amenities include a full-service cafeteria, 8,000-square-foot fitness center, 28,000-square-foot childcare facility, nature trails and multiple conference areas. The campus also offers proximity to Interstates 95 and 295 and multiple Amtrak stations.
JLL is marketing the campus for lease to tenants of all sizes. Build-to-suit opportunities are also available. Most recently, New Jersey-based pharmaceutical firm PTC Therapeutics leased 185,000 square feet at the property.
— Taylor Williams