MONMOUTH JUNCTION, NJ-Newmark Knight Frank Capital Group hascompleted the sale of 2000 Cornwall Rd. here, on behalf of specialservicer LNR Partners Inc. A private investor picked up a 100% feeinterest in the 100,000-square-foot office building. NKFprincipal Richard J. Madison, managing director Richard Mirliss,principal Matthew Schnurr and director Jackie Chesler representedthe seller at 2000 Cornwall.

|

“The asset attracted a significant number of offers from bothusers and investors,” says Chesler. “By acquiring the propertybelow replacement cost, the investor was assured of a favorableprice point and eliminated the possibility of having to competewith any new construction.”

|

Mirliss tells GlobeSt.com that the investment was also broadlymarketed to prospective tenants, “which helped to reach many localusers that we may not have normally targeted if our teams didn’tmarket the opportunity together.”

|

Located in the Princeton submarket, within the Princeton ParkCorporate Center, 2000 Cornwall has access to Route 1 and isconvenient to the New Jersey Turnpike Exits 8A and 9. Mass transitaccess is available via the North Brunswick and New Brunswick trainstations, which are both within five miles of the property.

|

“As a representative of one of the largest special servicers, wemust deliver solid results that adhere to the standards set by ourclient,” Madison tells GlobeSt.com. “We anticipate additional saleopportunities from our client base, which will appeal to bothinvestors and users, and we will continue to market themside-by-side with Schnurr’s team.”

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.