Thor Equities LLC purchased the Center of Excellence life sciences campus in Bridgewater, N.J., for $152 million, Bloomberg News reported, citing an interview with founder and CEO Joseph Sitt.
Advance Realty and CrossHarbor Capital Partners LLC sold the nearly 800,000-square-foot property, which is currently leased to Nestlé Health Science and Ashland Global Holdings Inc., among other tenants, the report noted.
Sitt told the news outlet that the company plans to spend tens of millions on the property to expand its leasable space by 1 million square feet or more.
The acquisition is in relation to the real estate company's newly launched division called Thor Sciences, which will develop and manage properties in the life sciences space, according to the report. It has appointed former Novita Equities LLC President Bill Hunter to the unit to tap into his knowledge in updating research and development facilities.
Thor Equities has bought five life sciences properties in the past two years including the Bridgewater campus. Its first purchases were made in the Boston and San Francisco areas, and the company may eventually seek acquisitions across the globe. In the near term, it will remain focused on meeting demand in New York and New Jersey, Sitt added.