MONMOUTH JUNCTION, NJ-Newmark Knight Frank Capital Group has completed the sale of 2000 Cornwall Rd. here, on behalf of special servicer LNR Partners Inc. A private investor picked up a 100% fee interest in the 100,000-square-foot office building. NKF principal Richard J. Madison, managing director Richard Mirliss, principal Matthew Schnurr and director Jackie Chesler represented the seller at 2000 Cornwall.
“The asset attracted a significant number of offers from both users and investors,” says Chesler. “By acquiring the property below replacement cost, the investor was assured of a favorable price point and eliminated the possibility of having to compete with any new construction.”
Mirliss tells GlobeSt.com that the investment was also broadly marketed to prospective tenants, “which helped to reach many local users that we may not have normally targeted if our teams didn’t market the opportunity together.”
Located in the Princeton submarket, within the Princeton Park Corporate Center, 2000 Cornwall has access to Route 1 and is convenient to the New Jersey Turnpike Exits 8A and 9. Mass transit access is available via the North Brunswick and New Brunswick train stations, which are both within five miles of the property.
“As a representative of one of the largest special servicers, we must deliver solid results that adhere to the standards set by our client,” Madison tells GlobeSt.com. “We anticipate additional sale opportunities from our client base, which will appeal to both investors and users, and we will continue to market them side-by-side with Schnurr’s team.”
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