PRINCETON, NJ-The CB Richard Ellis New York Capital Markets team of Jeffrey Dunne, Kevin Welsh and David Gavin have been retained as the exclusive advisors for the sale of the 549,337-square-foot Princeton Forrestal Village, which is located at 100 Village Blvd. here. The 42-acre mixed-use campus consists of 10 free-standing office, retail and restaurant buildings.

"This mixed-use development is being marketed to a 'value add' investor who is looking for an asset that not only has stable income, but also offers significant upside potential through the lease-up of the complex's roughly 56,000 square feet of vacancy, as well as its 400,000 square feet in residential development rights," says Dunne. "Ultimately, with the lease-up of this available space, a buyer can significantly increase the in-place net operating income by nearly 20%."

Originally built in 1986, the Village traded hands back in 2003 for $39.6 million, with the Mack-Cali Realty Corp. subsidiary Gale Real Estate Services Co. taking over ownership; Levin Management Co. then came on board as the exclusive retail leasing agent. Following an $8 million investment on the part of Gale, the site now houses a variety of upscale shops and services, including a 294-room Westin Hotel and Conference Center--under separate ownership--Ruth's Chris Steak House, Salt Creek Grille and Tre Piani; a 60,000-square-foot fitness center and spa/salon; a 12,700-square-foot food court; and a newly developed 9,750-square-foot daycare center. The complex's current office tenant roster includes Reed Smith, Comag Marketing Group, Teachers Insurance and Annuity and Princeton Partners.