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Gordon Brothers, New Mill Capital JV Aquires Real Estate Assets from Hikma Pharmaceutical

January 03, 2019, 08:00 AM
Filed Under: Real Estate

A joint venture between Gordon Brothers and New Mill Capital Holdings has acquired three buildings from Hikma Pharmaceuticals in the Eatontown Industrial Park in Eatontown, NJ. The transaction closed on December 17, 2018 and includes a large share of the processing, packaging, and laboratory equipment previously used by Hikma. 

The new owners intend to sell the equipment via auction in early 2019 while making selective improvements to the buildings to make them functional for alternative users. The Eatontown Industrial Park is located south of New York City and provides easy access to all major transportation routes.

“We are pleased to provide a solution to Hikma that allows them to consolidate and increase the efficiency of their operations,” said Bob Maroney, President of Gordon Brothers Commercial & Industrial. “These buildings and the equipment have been impeccably maintained and have ample infrastructure to accommodate manufacturing, R&D, and warehousing. We look forward to making the assets available to prospective buyers,” he added.

The plants are located at 200, 435, and 465 Industrial Way West in Eatontown, NJ. The buildings are approximately 70,000, 29,000, and 45,000 square feet, respectively, and each building is situated on between four and five acres. The buildings have heavy power, temperature and air control, distribution capabilities, and many other features typical of state-of-the-art pharmaceutical facilities.

“We have a long track record of successful joint-venture acquisitions of turnkey industrial plants with Gordon Brothers, and this latest acquisition only strengthens that partnership,” said Gregory Schain, Principal at New Mill Capital Holdings. “These facilities are located in a strong industrial market, and we look forward to helping put them back to productive use.”

Ray Musalo and Joseph Soos of Greiner Maltz will represent the new owners in remarketing the properties.

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