The sale was arranged on behalf of the seller by Jeffrey Dunne, vice chairman, Kevin Welsh, SVP, and associate Jeffrey Oram of CB Richard Ellis' New York Institutional Group. The trio of broker was also responsible for bringing the buyer to the deal.
"The property's strong in-place NOI with limited rollover through the next five years, along with the attractive long-term upside from its below-market rents, was a fit for the 1031 exchange requirements of Oestreicher Properties," Dunne says.
"The sale generated a high level of investor demand, as the stabilized investment profile of the property and its location were appealing to investors," Welsh says. "We were able to draw 1031 capital from the New York City-based investor of complete the transaction."
Princeton Commerce Center, located on nearly nine acres at 29 Emmons Dr. off Route 1 near the Princeton Junction train station, consists of seven single-story office/R&D buildings. It was constructed in the mid-1970s, and has been renovated on an ongoing basis since 1999.
The complex's tenancy is consists of a roster of mostly professional services firms and organizations. Among those on-site are Kyowa American Inc.; the Construction Financial Management Association; BioWa, a biopharmaceutical firm; the Goddard School; the Healthcare Employers Federal Credit Union; Churchill Corporate Services; Medina Consultants; and Robinson Aerial Surveys, among others.
Limited availabilities are currently listed with asking prices in a range of $16.50 to $23 per sf per year.
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