Wistar Institute has signed an agreement to expand its operations at 3675 Market St. in University City, a five-minute walk from the campus at 3601 Spruce St.

The Wistar Institute’s new lab space is located at 3675 Market St.

The lease will add 25,000 square feet of lab space, allowing the institute to expand research into vaccines for HIV and other viruses, WHYY reported. The project is valued at $24 million.

“Wistar was able to leverage unique market realities to acquire top-of-the-line laboratory and office space to support its innovative research,” Tyler Vandegrift, senior managing director of JLL’s local life sciences group, said in a press release.

“This expansion underscores Wistar’s commitment to the biomedical sector and University City, and its mission to advance breakthroughs in cancer, immunology and vaccine research.”

Wistar began moving various departments to the new location in late summer. Expansion into the combined meeting space and lab will continue through early 2025.

“JLL has worked closely with Wistar to expand our research capabilities and support the local community,” said Dr. Dario Altieri, Wistar’s president and CEO, in a press release.

“We plan to bring together world-class scientific talent, research expertise and community support to connect the best biomedical research from the lab to the bedside to discover a cure for HIV — and perhaps many other viral threats through the new Wistar HIV and Viral Disease Treatment Center.”

Vandegrift and Ron Cariola represented Wistar.

TURNOVER

Saxum Real Estate has acquired an 81,000-square-foot industrial property at 1 Electronics Drive in Hamilton, New Jersey, which is more than 70% leased.

The 15-acre property was last assessed at $4.8 million, according to county records. The final sale price was not disclosed.

JLL represented the seller BTR Capital Group and raised joint venture capital from Meadow Partners and acquisition financing from Prime Finance.

JLL’s Tom Romano is a leasing agent with BTR Capital Group and led the four-team effort. The firm’s Jeremy Neuer, Marc Duval, Jose Cruz, Jordan Avanzato, Jason Lundy, Nick Stefans and Conor Walsh worked with the firm on the sale.

Saxum Real Estate intends to develop the property for life sciences or other uses, according to a press release.

“As development land becomes increasingly scarce in the highly desirable Central New Jersey industrial market, 1 Electronics Drive is ideally positioned to meet the growing demand for prime locations with strong leasing fundamentals,” Lundy said in the announcement, adding that he hopes Saxum will “take advantage of the region’s strong demand for multi-tenant, shallow industrial space.”

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Courtesy of Colliers

5585 Hamilton Blvd.

Neni’s Realty LLC bought the Shepherd’s Corner shopping center at 5585 Hamilton Blvd. near Allentown for $5.4 million, according to the listing and county records. Derek Zerfass and Jeff Algatt of Colliers brokered the sale for the seller, Tim Tay LLC. The 9,000-square-foot property is fully leased through 2032. Developer Tim Tay Properties bought the site for $1.5 million in 2021, according to Lehigh Valley Live.

LEASE AGREEMENTS

Donnelly’s Home Comfort Specialists has leased 34,000 square feet at 1 Innovation Drive in Plymouth Meeting, the property’s first tenant, according to a LinkedIn post. Jim Dugan and Patrick Dolan of Newmark brokered the deal on behalf of landlord Alliance HP. Tactix brokers Cat Bianco and Mitchell Reading and Stanford Scriven of Northwest Tenant Group represented the tenant.

Alliance HP acquired the property in March 2024 for $23.1 million, with plans to transform the 143,000-square-foot, single-tenant office into a multitenant campus by October, according to Wolf Commercial Real Estate.

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Fortis Institute has renewed its long-term lease for 30,000 square feet at 2572 Brunswick Pike in Lawrenceville, New Jersey, according to an announcement. Jim Scott and Chris Winnick of Velocity Venture Partners represented the landlord, and Brendan Kelley of Avison Young represented Fortis, the long-term tenant in the 196,000-square-foot building.