Steve Tolcash, senior managing director at Insignia/ESG & Buschman Partners of Lawrenceville, NJ, represented the ownership in the sale. The buyer was a private investment group. Tolcash, who has also been the leasing agent for the property since 1992, reports that it is currently 100% leased to one warehouse tenant and four retail and office tenants.

"There was significant demand for this asset due to its location in the Exit 7A [NJ Turnpike] market," according to Tolcash. "The strong sale price indicates the perception of value growth here."

The property is zoned "town center" and, according to Tolcash, "there may be significant future value in a retail conversion of the site. There is additional ground on which to build another 40,000 sf, and only a mile away there is an 800,000-sf power retail center under construction. There is strong demographic growth in the area."

Insignia/ESG & Buschman Partners is already working with the new ownership on development plans for the additional land, according to Tolcash. The property is also adjacent to the town center development, a housing, retail and office project that Sharbell Development is doing in Washington Twp.