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 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.


"This asset's occupancy has successfully increased throughoutthe years as a result of the current ownership team, which hascompleted new leases, renewals and expansions, thereby providinglong-term income and tenant stability for a new owner," Welsh "Given the property's proximity to Princeton's newUniversity Medical Center, a 630,000-square-foot facility that iscurrently under construction just 1.7 miles away and is scheduledto open in 2011, there also exists tremendous increased demand formedical office space in the vicinity," he adds. In fact, Gale iscurrently building out space for Surgical Specialists at Princeton,a 12,400-square-foot surgical center, which should act as anadditional draw for medical users.

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