Looking for a larger footprint in a convenient location, Aucta Pharmaceuticals Inc. acquired a five-building corporate complex located in Basking Ridge, providing nearly immediate access to Interstate 287 and within 2 miles of downtown Bernardsville.
Kislak Commercial Real Estate Services Inc. Executive Vice President Peter Wisniewski represented the buyer in the $4.6 million transaction for 170 Mount Airy Road, while The Garibaldi Group facilitated the deal from the owner’s side. The seller of the 52,068-square-foot property, according to Garibaldi, is a wholly owned company of McElroy Deutsch law firm.
Garibaldi’s Brian Cass and Peter Blanchard marketed the property on behalf of McElroy Deutsch throughout the pandemic, generating considerable interest from a range of potential buyers, including residential and industrial developers, colleges, hospitals, lab users and more. Lucille Karp, McElroy Deutsch’s general counsel, represented the seller in the transaction.
“Given a true lack of fully vacant buildings that users can purchase versus lease in this particular size range, this asset drew interest from an incredibly wide array of buyers,” said Cass. “We are thrilled to have completed this transaction on behalf of a long-time client of the firm.”
For Kislak, the deal marks the second Wisniewski has completed with Aucta in the past two years.
“Aucta is an innovative, growing pharmaceutical company in New Jersey that understands the demand for better quality and research to deliver the best products available to those that need them,” he said in a statement.
Situated on 8.39 acres and built in 1970, the one- and two-story brick buildings at 170 Mount Airy Road are interconnected. Parking for 190 cars is available and the property offers top-notch landscaping in addition to walking trails and gardens.
According to Kislak, the property was vacant at the time of sale. The firm said that after Aucta sets up at the site, it may offer available space to other lab or office companies looking to expand in the market.
Aucta, with locations in Piscatway and China, is a technology-based company focused on the development and commercialization of branded specialty products.
Basking Ridge serves as a base for some other big-name companies, among them Verizon Wireless, Collabera, Lawyer.com and Barnes & Noble College Booksellers.l