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GGP Shops 658-Acre Central NJ Campus

WEST WINDSOR, NJ-The R&D campus with 450,000 square feet of multi-building space had been targeted for mixed-use redevelopment.

By Eric Peterson | Updated on December 08, 2008

WEST WINDSOR, NJ-Speculation has been rampant that given its well-publicized financial woes, Chicago-based General Growth Properties would be willing to part with some of those properties to raise some cash. Now, GlobeSt.com has learned, one of its New Jersey properties is indeed on the market.

It’s not an existing, developed mall property so common in the company’s portfolio, but rather a 650-acre industrial R&D campus that had been slated for mixed-use redevelopment. GGP has quietly hired Grubb & Ellis to find a buyer for the property, which contains some 450,000 square feet of R&D and administrative buildings. Ben Shapiro, SVP in that firm’s Edison office, is heading the assignment.

GGP inherited the property in 2004 when it acquired the Rouse Co. The latter had purchased the campus in June of that year for just $35 million from pharma giant Wyeth, which itself had picked up the former American Cyanamid agricultural research campus in 2002. Just six weeks after Rouse closed on the property, Rouse agreed to be acquired by GGP.

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