Advance Realty Moving to Bridgewater

Advance Realty is moving into property formerly owned by Sanofi on Route 202/206, with the acquisition done through a partnership with CrossHarbor Capital Partners.

Advance Realty is currently located in Bedminster, according to a release from the company, but it will be moving its headquarters to the Bridgewater campus, which is already home to Amneal Pharmaceuticals—which took 143,000 square feet of lab, office warehousing and light manufacturing space—and Ashland Specialty Ingredients.

That entire campus, with 1.2 million square feet of lab, office and production, will be branded as the New Jersey Center of Excellence.

Advance Realty, according to the release, has been an owner and developer of real estate in Somerset County for about 35 years, and has developed multiple properties in Bedminster and Bridgewater.

“Our first task will be to continue to evaluate the property’s master plan to make sure that it meets the market’s needs,” said Peter Cocoziello, Advance Realty president and CEO, in the release. “We look forward to collaborating closely with local officials as we develop a plan for the site that fits into Bridgewater Township’s and Somerset County’s comprehensive economic development strategy. We are confident we will be able to position it in a way that will make it attractive to a wide range of tenants.”

The property itself, the release said, is in immediate-move-in condition for the company.

“Ashland and Amneal were drawn to the property specifically because of the infrastructure that’s already in place,” said Neal Opper, of CrossHarbor Capital Partners, in the release. “We see it as the perfect site for small to mid-sized tenants that seek amenities-rich, move-in ready research and development space in an environment that was expressly designed to meet the needs of a cutting-edge company.”

CrossHarbor Capital Partners is a Boston-based investment management firm that focuses on commercial real estate transactions.

The new owners, Advance Realty and CrossHarbor Capital Partners, are looking to possibly redevelop a portion of the property into a mix of uses, the release said.

“As an extremely hands-on, full-service real estate company that is hyper focused on meeting tenants’ needs, this is the perfect project for us,” Cocoziello said in the release. “We are based in Somerset County and are committed to furthering the economic vitality of the region by creating jobs and ratables. Not only was this purchase a great opportunity to expand our presence in the region, it also adds to our portfolio a property that is going to spur innovation and help maintain the State of New Jersey’s position as the country’s leading home to bio and pharma companies.”

Both Mayor Dan Hayes and Somerset County Business Partnership President Mike Kerwin praised the move.

“The former Sanofi U.S. Research and Development Campus is a jewel of Bridgewater and one of the most dynamic properties in the State of New Jersey,” Hayes said in the release. “The Garden State’s biotechnology and pharmaceutical industries are recognized national and international leaders, and this campus is surrounded by the type of highly skilled and educated workers that are integral to the success of these sectors. We look forward to working with Advance and CrossHarbor to fill the property with a vibrant mix of companies.”

Kerwin agreed, particularly with improving the economy of the county.

“This transaction is excellent news for the overall economic vitality of Somerset County,” he said. “The former Sanofi campus is a tremendous asset, and the Somerset County Business Partnership felt it was important for the new owner to have an understanding of the county’s economic environment. Advance Realty has that understanding and has demonstrated it through the integral part they’ve played in the county’s business landscape for over three decades.”