CBRE, Inc. ( CBRE ) has been retained as the exclusive advisor for the fee interest sale of 19 Schoolhouse Road in Somerset, New Jersey ( 19 Schoolhouse or the Property ). The Property is an 85,797 net rentable SF building situated on 12.86± acres that is tailored to research & development ( R&D ), technical services, and specific office uses. 19 Schoolhouse is currently 100% leased to a variety of global research & development operations that are located at the Property for its strategic location adjacent to critical operations. The Property also benefits from access to an extensive, highly-educated local labor force and its proximity to leading universities and a cluster of major institutions focused in the Science, Technology, Engineering, and Mathematics ( STEM ) industries.
The offering provides stable in-place income (6.5± years of weighted average lease term) from a strong credit tenant base with long-term leases and capital investments ($2.24+ million since 2009) in their spaces. The Property offers a distinct competitive advantage for R&D tenants through its flexible zoning for a broad range of uses, which is enhanced by its 6+/1,000 parking ratio.
STRATEGIC LOCATION PROXIMATE TO CRITICAL MASS OF STEM COMPANIES
- Critical mass of STEM companies in the immediate micromarket with major Fortune 500 users nearby including Johnson & Johnson, Pfizer, Novo Nordisk, Bristol Myers Squibb, and Sanofi
- Located in the prestigious Princeton and Rutgers Research Corridor (PARRC), one of the nation' s premier and most concentrated R&D markets
- Access to numerous medical and research institutions including Robert Wood Johnson Hospital, Rutgers Biomedical and Health Sciences, SRI International, the Cancer Institute of New Jersey, and St. Peter' s University Hospital
