Eatontown, New Jersey, Jan. 02, 2019 (GLOBE NEWSWIRE) — A joint venture between New Mill Capital and Gordon Brothers 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.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.
About New Mill Capital
New Mill Capital’s forte is providing “comprehensive asset solutions for the industrial marketplace”. Primary services include turnkey acquisitions of shuttered industrial plants, value-added equipment auctions & liquidation services as well as traditional sales transactions. NMC has acquired over 13,000,000 square feet of manufacturing facilities throughout the U.S. since 2011 and conducts auctions and/or liquidations for a variety of industries including food processing, packaging, cosmetic, metalworking, heavy construction, laboratory and textiles.
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