A rendering of 10 Princess Logistics in Lawrenceville, NJ.

LAWRENCEVILLE, NJ—A joint venture of Princeton, NJ Metrix Real Estate Services, LLC and Penwood Real Estate Investment Management, LLC of West Hartford, CT has acquired a 31-acre site here and started construction on a more than 340,000-square-foot distribution facility here.

The joint venture between Metrix Real Estate Services, whose principal is Michael Nachamkin, and an institutional fund managed by Penwood Real Estate Investment Management recently closed on the purchase of 10 Princess Road in Lawrenceville.

Brokers-Simone Realty represented the seller, Capital Health Systems and Transwestern of New Jersey handled negotiations for the purchaser. No financial terms of the transaction were disclosed.

The partnership has since commenced construction on the speculative 10 Princess Logistics development, a 340,400-square-foot distribution facility with 40' clear ceiling heights, cross loading, trailer storage and abundant parking.  The project is scheduled to be completed in the spring of 2020.

“Our development team is very excited about the opportunity to build a state- of- the- art warehouse in Central New Jersey with a great institutional partner,” says Nachamkin, principal of Metrix.

He adds, “We anticipate strong interest in the project from a variety of potential tenants who are planning their expansion or opening up a new location. 10 Princess Logistics Center is located at the Princeton Pike/ I-295 interchange and services Southern, Central and Northern New Jersey as well as the Philadelphia region.”