PRINCETON, NJ–Chambers Street Properties has acquired a two-building laboratory and office campus in the Princeton South Corporate Center.
The one- and two-story buildings at 701 and 801 Charles Ewing Boulevard comprise a total of 110,765 square feet. Built in 2009, they are fully leased to a specialty chemical company for a long term.
The Princeton South center is located at the intersection of Route 31 and I-95, ten miles south of Princeton. Many pharmaceutical, medical and technology companies populate the area, which includes several educational institutions and a recently opened $500 million healthcare campus.
The property is 35 miles northeast of Philadelphia and 60 miles southwest of New York City.
“These are high-quality buildings in a stable submarket with sub-6% vacancy and very limited supply, especially for the kind of specialty lab and research space provided by these buildings,” said Phil Kianka, the COO for Chambers Street Properties. “We have an excellent tenant that has an historical commitment to the area of which we are proud to have in our portfolio.”
Last month, Chambers Street closed on a 1 million-square-foot logistics facility in Germany. In November, it bought a fully-occupied 801,000-square-foot warehouse/distribution facility in suburban Baltimore.
The company added 5.5 million in net rentable square feet to its portfolio in 2012, mostly fully leased office and warehouse/distribution properties.