PRINCETON, NJ-Jeffrey Dunne, Kevin Welsh and David Gavin of CB Richard Ellis’ New York Institutional Group represented PF Village LLC in the sale of Princeton Forrestal Village here for $55 million. The team was also responsible for procuring the buyer, IVC PFV LLC, an entity controlled by Investcorp International Inc.

Princeton Forrestal Village is a mixed-use development consisting of around 550,000 square feet. The 42-acre campus consists of 10 freestanding office, retail and restaurant buildings. Originally built in 1987, the Village underwent significant capital improvements in 2007 and now features pedestrian bridges, fountains, tree-lined streets, courtyards and gardens. Other amenities include a 294-room Westin Hotel and Conference Center (under separate ownership), three restaurants--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.

“Princeton Forrestal Village should provide Investcorp with substantial in-place income while still offering a significant upside opportunity through the lease-up of the vacant suites and potential conversion of certain retail suites to medical office use,” Dunne tells GlobeSt.com. “Given the Village’s proximity just one mile north of the 630,000-square-foot University Medical Center of Princeton at Plainsboro facility that is under construction and scheduled to open next year, there is expected to be increased demand for medical office space in the vicinity. By way of example, ownership just completed a new lease with Surgical Specialists at Princeton for a 12,400-square-foot surgical center.”