Cushman & Wakefield Orchestrates 233,000-Square-Foot Lease

On Nov 12, 2019

Commercial real estate services firm Cushman & Wakefield has orchestrated a full-building, 233,000-square-foot lease at Matrix Development Group’s 270 Prospect Plains Road in Cranbury. CMIC CMO USA, a contract manufacturer serving the pharmaceutical industry, has committed to the property on a long-term basis.

Located on 23 acres, 270 Prospect Plains Road is zoned industrial-light impact and offers immediate access to Exit 8A of the New Jersey Turnpike. CMIC CMO USA, which specializes in the formulation development and commercial services for oral solid dosage products, will use the facility for office, research and development, production, packaging, manufacturing, warehousing and distribution of pharmaceutical and related products.

The complex transaction involved negotiating a lease termination with an existing tenant, Sun Pharmaceutical, and arranging for the purchase of in-place research and development infrastructure. CMIC CMO USA was represented by Cushman & Wakefield’s Shawn Straka and Chuck Fern who headed the brokerage team with Todd Elfand, Jason Barton, Thomas D. Tucci, Stephen Shoemaker, Paul Giannone, Kevin Carton, Jaclyn Marques, Elizabeth Rouse and Joseph Vacca. Matrix Development’s Vice President of Acquisitions, Gary Hans, represented the landlord in the transaction.

“The cooperation of three entities – Matrix, Sun Pharmaceutical and CMIC CMO USA – was critical to the success of this transaction,” noted Fern. “Ultimately, we were pleased to support a win-win-win situation for all parties and Gary did a phenomenal job of bringing this deal to the finish line.”

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