HORSHAM, Pa., Nov. 30, 2021 /PRNewswire/ -- MRA Group (MRA) announced that they have closed on the acquisition of DuPont's Chestnut Run Lab Campus located at 984 Centre Rd in Wilmington, DE, and have embarked on an ambitious $500 million redevelopment plan. Renamed Chestnut Run Innovation & Science Park (CRISP), the 163-acre campus contains approximately 780,000 square feet of existing lab, research, and advanced manufacturing space.
Located in the Greenville area of Wilmington, Chestnut Run Innovation & Science Park is four miles west of Central Wilmington, DE, and just ¼ mile south of Barley Mill Plaza, which is currently developing over 110 residential units and commercial spaces, including the area's first Wegmans supermarket.
"We recognized the amazing potential for the campus to address the regional demand for market-ready life science and advanced manufacturing facilities, particularly when combined with its superior location along the I-95 corridor," said Mike Wojewodka, MRA Group Executive Vice President and Partner. "Northern Delaware is ideally positioned to emerge as a hub for life science, research & development, and pharmaceutical manufacturing companies. The deep pool of educated and experienced professionals is an incredible asset to any firm locating here."
Wojewodka believes the CRISP campus will further Delaware's attractiveness to innovative companies from around the world. Development plans include shared amenities to foster interaction and collaboration between tenants and the surrounding community. Dupont will continue to maintain its presence on the campus by leasing approximately 190,000 square feet in two buildings.
This is the third major campus redevelopment for MRA, having reinvented the 133-acre 600,000 square foot Spring House Innovation Park in Lower Gwynedd Township, PA, and the 137-acre, 800,000 square foot TEK Park in the Lehigh Valley, PA. MRA will utilize and enhance the existing infrastructure to create state of the art life science laboratories, scientific research facilities, and Class A office space. Planned campus amenities include a hotel, fitness center, conference space, an outdoor amphitheater, and accommodations for food services including restaurants and eateries.
"We are excited to be back in Delaware with such an incredible opportunity, and grateful to be at the helm of such an impactful project," stated MRA Group Founder and CEO Lawrence Stuardi. "Our vision for CRISP will set a new standard for innovative campus redevelopment in the region, as we believe it will become Delaware's leading biotechnology and science hub, while also providing an engaging community experience."
Wojewodka added, "As the current steward of the property, we will make it a priority to meet with members of the neighboring communities and discuss our vision for the future development of the campus, solicit their feedback and answer any questions that may arise."
Renovations will commence immediately, with the first reconstructed building to be occupied in late summer 2022. MRA is in active discussions with several life science and research companies. More information regarding Chestnut Run Innovation & Science Park can be found on the campus website at www.crisp-campus.net.
About MRA Group
MRA Group (MRA), based in Horsham, PA, is a privately-held, multi-disciplined real estate solutions firm servicing the life sciences, health care and higher education sectors. Founded in 1991 by president and CEO Lawrence J. Stuardi, MRA prides itself on maintaining the same high level of integrity and excellence that led to its recognition as one of the most respected real estate firms in the mid-Atlantic region. With 30 years of providing clients with real estate solutions varying from development to advisory and management services, MRA has more than 4.5M square feet of medical, life sciences and office real estate under management, and has structured over $1B of financing. A few recent and notable development projects include Spring House Innovation Park, the Holy Redeemer Medical Building at 201 Veterans Way, Pennovation Lab at the University of Pennsylvania's Pennovation Works Campus, TEK Park, Oxford Valley Medical Plaza and the St. Clair Medical Office Building at St. Mary Medical Center. Learn more at www.mragroup.net.
CONTACT: Brendan Farrell, (215)449-2442, [email protected]
SOURCE MRA Group