The Horsham, Pennsylvania-based MRA Group announced that it closed on the acquisition of DuPont’s Chestnut Run Lab Campus in suburban Wilmington and will invest $500 million in a redevelopment plan for the 163-acre campus, to be renamed Chestnut Run Innovation & Science Park (CRISP).
MRA is a private real estate firm that services the life sciences, health care and higher education sectors. It manages over 4.5 million square feet of industry space in the region.
“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 EVP and partner, in a statement. “Northern Delaware is ideally positioned to emerge as a hub for life science, research and development, and pharmaceutical manufacturing companies. The deep pool of educated and experienced professionals is an incredible asset to any firm locating here.”
The campus is about a quarter of a mile from Barley Mill Plaza, which has been under development with a DuPont/Delle Donne Associates mixed-use project that will include R&D labs and offices, retail, and more than 100 residences. (Plus, a highly-anticipated Wegmans.) Dupont will continue to maintain a presence on the CRISP campus by leasing approximately 190,000 square feet in two buildings of the existing 780,000 square feet of lab, research and advanced manufacturing space.
“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 said. “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.”
It’s expected that the first reconstructed building will be occupied in late summer 2022.