After its recent troubles in the retail market, Joe Sitt’s Thor Equities has acquired its fifth life sciences property. The firm paid $152 million for a 783,500 SF campus in Bridgewater, New Jersey.
- Plans: Thor plans on spending tens of millions of dollars on the property and expand the leasable space. Current tenants include Nestle Health Science and Ashland Global Holdings. The firm secured a $91 million CMBS loan from Citigroup to close the deal, according to Bloomberg.
- Spotting a trend: Earlier this month, Tishman Speyer announced a JV with the family office of Arie Belldegrun to invest in properties for biotech firms.
- Heard on the Street: “You need certain environmental systems, air ventilation systems, waste disposal, that most buildings can’t accommodate… You have to have an expertise, or a partner, to supply space for this.”