PRINCETON, NJ-The CB Richard Ellis New York Capital Markets teamof Jeffrey Dunne, Kevin Welsh and David Gavin have been retained asthe exclusive advisors for the sale of the 549,337-square-footPrinceton Forrestal Village, which is located at 100 Village Blvd.here. The 42-acre mixed-use campus consists of 10 free-standingoffice, retail and restaurant buildings.

"This mixed-use development is being marketed to a 'value add'investor who is looking for an asset that not only has stableincome, but also offers significant upside potential through thelease-up of the complex's roughly 56,000 square feet of vacancy, aswell as its 400,000 square feet in residential development rights,"says Dunne. "Ultimately, with the lease-up of this available space,a buyer can significantly increase the in-place net operatingincome by nearly 20%."

Originally built in 1986, the Village traded hands back in 2003for $39.6 million, with the Mack-Cali Realty Corp. subsidiary GaleReal Estate Services Co. taking over ownership; Levin ManagementCo. then came on board as the exclusive retail leasing agent.Following an $8 million investment on the part of Gale, the sitenow houses a variety of upscale shops and services, including a294-room Westin Hotel and Conference Center--under separateownership--Ruth's Chris Steak House, Salt Creek Grille and TrePiani; a 60,000-square-foot fitness center and spa/salon; a12,700-square-foot food court; and a newly developed9,750-square-foot daycare center. The complex's current officetenant roster includes Reed Smith, Comag Marketing Group, TeachersInsurance and Annuity and Princeton Partners.