The two assets are three-story buildings with a combined totalof just less than 97,500 sf. Located on a 6.6-acre site off USRoute 1 just south of princeton, the buildings were 98% leased atthe time of sale. Major tenants include Nassau Broadcasting, aradio broadcasting company, and Wells Fargo Bank.
"With their strong rent roll and close proximity to PrincetonUniversity, we expect these stabilized properties to providepredictable cash flow for our REIT investors," says Robert M.Behringer, chairman and CEO of the Dallas-based Behringer Harvard."The Princeton office market has consistently outperformedsurrounding markets in Central New Jersey in terms of occupancy andrental rates over the past two years."
Behringer Harvard has also tapped Trammell Crow Co. to manageand lease the newly acquired buildings.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
