Thor Equities acquires life science facility in Warren, New Jersey for $27 million
Warren, NJ — Thor Equities has acquired a fully-leased Life Science facility in Warren, for $27.1 million, the fifth acquisition by its Thor Sciences division. The research and development facility, at 7 Powder Horn Dr., is fully leased to Celegne, a pharmaceutical company that makes cancer and immunology drugs. The 180,000 s/f property, which spans two floors, sits on 14.5 acres of land. “The property is an ideal fit for our growing portfolio and we are pleased to expand our presence in the competitive New Jersey R&D market,” Thor chairman Joe Sitt said in a prepared statement. Thor Sciences, a division that focuses on the Life Science sector, has made five acquisitions since launching in 2016. The previous two acquisitions were also in New Jersey, where the life science sector is rapidly growing. The firm purchased the 340,000 s/f 95 Greene St. in Jersey City in February, as well as an eight-building campus, the New Jersey Center for Excellence, in Bridgewood, in August 2019. Kevin Welsh, Brian Schulz, and Jason Emrani of Newmark's capital markets team represented the seller, Ivy Realty, while Newmark's debt team secured acquisition financing for the purchase.