M id A tlantic Real Estate Journal — New Jersey — February 19 - March 12, 2021 — 3B
www.marej.com
N ew J ersey
Cushman & Wakefield brokers sale of 157,000 s/f life sciences R&D and laboratory facility Prism Capital Partners announces sale of ON3’s 111 Ideation Way in Nutley, NJ
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life science, two pillars of Harri- son Street’s investment thesis, and we are thrilled to join the park stakeholders with our ac- quisition of 111 Ideation Way,” said Mark Burkemper , senior managing director; head of transactions – North America. “We look forward to supporting HMH, Modern Meadows, and Y-mAbs as they fulfill their missions making a positive societal impact.” The ON3 campus’ direct ac- cessibility and visibility along Rte. 3 offers convenient access to a variety of retail and dining destinations as well as major Northern New Jersey high-
ways, including the New Jersey Turnpike and the Garden State Parkway. In addition, the prop- erty is proximate to NJ Tran- sit’s Delawanna train station in Clifton, which provides service to New York Penn Station. NJ’s largest contemplated re- development, the ON3 campus formerly served as Hoffmann- La Roche’s North American Headquarters. The site’s stra- tegic location – just nine miles fromManhattan – has provided Prism with an opportunity to create a property that speaks to the changing demands of New Jersey communities, residents and businesses. MAREJ
UTLEY, NJ — Prism Capital Partners has announced the
sale of ON3’s 111 Ideation Way to investment management firm Harrison St. The 157,000 s/f, state-of-the-art life sciences R&D and laboratory facility is fully occupied and serves as an anchor for the 116-acre rede- velopment site spanning the Township of Nutley and City of Clifton. Cushman & Wakefield’s East Rutherford-based invest- ment sales team of A ndrew Merin, David Bernhaut, Gary Gabriel, Frank DiTom - maso and Kyle Schmidt brokered the transaction, with support from John Alascio and Sridhar Vankayala of the firm’s Equity, Debt & Struc- tured Finance team. Harrison Street has retained Prism to continue providing property management services for the building. The four-story 111 Ideation Way serves as home to blue- chip tenants including the Hackensack Meridian Health Center for Discovery and In- novation, a National Health Institute-designated Clini- cal Research Center; Modern Meadow, a leading biofabrica- tion research and development company; and Y-mAbs Thera- peutics, Inc., a biopharmaceu- tical company specializing in developing therapeutic oncol- ogy solutions. “As ON3’s flagship lab facil- ity, 111 Ideation Way speaks to the market's sustained demand for modern R&D space,” said Prism’s Eugene Diaz, principal partner. “Our vision is that ON3 will continue to evolve into a vital hub for industry leaders in life sciences and biotech.” The campus also serves as the future home of Quest Diagnos- tics’ 250,000 s/f diagnostic test- ing laboratory, currently under development. Cushman & Wakefield’s Me- rin noted, “The sale of 111 Ide- ation Way is a strong example of how specialized life sciences product is in high demand within the real estate capital markets. This transaction also further validates ON3's emer- gence as the leading center for life sciences/medical facilities.” Harrison Street is a leading investment management firm focused on real estate proper- ties in the healthcare delivery and life sciences disciplines. “The ON3 campus is the ideal convergence of education and
111 Ideation Way
1.8± ACRE PRIME DEVELOPMENT SITE with 2-story +/-9,225 SF Restaurant + Liquor License + FF&E SUMMIT, NJ BANKRUPTCYAUCTION MARCH1 ST BANKRUPTCYAUCTION MARCH1
527 Morris Ave, Summit NJ 07901 9 Lots, totally 1.8+/- Acres. Site is flat and paved. Currently there is a 2-story +/-9,225 SF owner-operated restaurant operating on a small portion of the site. Offering is Real Estate + Liquor License + FF&E, however, Real Estate & Improvements may be sold separately. Zoning: NB, B, R-5, R-6; Overlay: OL. Minimum Bid for the entirety: $3,227,000, plus 6% Buyer’s Premium. Qualified Broker Coop: 2%. Qualifying Bids due March 1, 2021. Upcoming Auction: Commercial/Retail Building in downtown Bernardsville, NJ
For more information and full data room see: www.AuctionAdvisors.com
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