MRA Group Acquires Life Sciences Campus in Wilmington, Delaware, Begins $500M Redevelopment
WILMINGTON, DEL. — MRA Group has acquired Chestnut Run Lab Campus, a 163-acre life sciences and manufacturing campus in Wilmington, from industrial engineering firm DuPont for an undisclosed price.
MRA Group is underway on a $500 million redevelopment of the property, which is being rebranded the Chestnut Run Innovation & Science Park (CRISP). Located at 984 Centre Road, the development is currently home to 780,000 square feet of lab, research and advanced manufacturing space.
Redevelopment plans for the campus include the addition of a hotel, fitness center, conference space, an outdoor amphitheater and restaurant space. The first renovated building is set to be delivered in late summer 2022. DuPont will continue to lease 190,000 square feet located across two buildings at the property.
“We are excited to be back in Delaware with such an incredible opportunity,” says Lawrence Stuardi, founder and CEO of MRA Group. “Our vision for CRISP will set a new standard for innovative campus redevelopment in the region, as we believe it will become Delaware’s leading biotechnology and science hub.”
Delaware has the fourth-highest concentration of science, engineering and health employees with doctor of philosophy (Ph.D.) degrees in the nation, according to MRA. The CRISP campus marks the company’s third major life sciences redevelopment, following the 600,000-square-foot Spring House Innovation Park in Lower Gwynedd Township, Pa., and the 800,000-square-foot TEK Park in Lehigh Valley, Pa.
Based outside Philadelphia in Horsham, Pa., MRA Group is a privately held firm specializing in the development and management of life sciences, healthcare and higher education real estate. The company currently has 4.5 million square feet of medical, life sciences and office properties under management.
— Katie Sloan