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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.
