According to Milton Charbonneau, vice president of the Teaneck, NJ-based Colliers Houston & Co., the property traded for a price "in the low $60-million range, $150 per sf." Charbonneau brokered the deal with the help of Craig Evans, senior managing director of institutional investment sales for Colliers ABR of New York City. "The seller put the property on the market to take advantage of a favorable interest rate environment."
With the transaction, the asset moves into the portfolio of the New York City-based company that was represented in-house by Robert Dekey, managing director of acquisitions. His company currently manages a portfolio of more than nine million sf of office space, about half of which it also owns. Most of that is in New York, but the buyer has recently expanded its holdings to Stamford, CT, and now to the Princeton area market.
Quakerbridge Plaza is currently 100% leased, with about 90% of the space occupied by various agencies of the State of New Jersey. The property has close access to the state capital, which is nearby Trenton.
"The asset is stabilized and fully tenanted, so the new owner doesn't have to do too much to it," Charbonneau says, noting that the deal itself took six months from beginning to end. "It's also the largest transaction in the Princeton area since the Carnegie Center purchase by Boston Properties." That deal involved two million sf and occurred in 1998.
The State of New Jersey has been the major tenant at Quakerbridge Plaza for close to two decades, and its current lease extends through 2012, Charbonneau tells GlobeSt.com. The other 10% of the office park is leased by various private companies, several of which are state contractors.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
