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LAWRENCEVILLE, NJ-Princeton Pike Associates LLC has sold its property located at 3175 Princeton Pike at the I-95 corridor here for more than $5.4 million. The buyer was not disclosed.

Steve Tolkach, managing principal of Newmark Knight Frank’s Princeton office, represented the buyer in the transaction. Charles Segal of Segal Commercial Real Estate represented Princeton Pike Associates, which is a partnership of the owners of Triangle Repro and Princeton International Press, both former tenants at the property.

The property, which will be renamed the Princeton Pike Business Center, features two flex office/warehouse buildings totaling 81,000 sf on nine acres. The first building was built in the early 1970s, and the second building followed in the mid-1980s.

The property is currently 50% leased to tenants National Repro Graphics and Nutec. In addition to representing the buyer, Tolkach is spearheading the marketing effort to lease the remaining 42,000 sf available at the property. Tolkach tells GlobeSt.com that the remaining space is divisible, and rents are $8.50 per sf triple net.

“The best thing about this property is its location,” Tolkach tells GlobeSt.com. “It’s right at the interchange of I-95, near 295. It’s very difficult to find flex office/warehouse space here right now.”

The area is popular with major firms: Princeton Pike Business Center can count Bristol-Myers Squibb, Merrill Lynch, Janssen Pharmaceutica and Educational Testing Service as neighbors. Tolkach says there is serious interest in the remaining space at the property, which will soon receive significant upgrades such as new landscaping and renovated facades, courtesy of the new owners.

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