150 School Highway W. Picture courtesy of JLL
Strategic Funding Alternate options has bought 150 School Highway W., a 71,550-square-foot workplace constructing in Princeton, N.J. Nessel Growth bought the asset for $12.7 million, with the help of JLL. The corporate had acquired the property again in 2020 for $10.6 million, in keeping with CommercialEdge info.
Accomplished in 2001 and renovated in 2014, the three-story constructing options an on-site convention heart and passenger elevators. The workplace property was 69 p.c leased on the time of sale to a various mixture of tenants.
The constructing sits on a 7.6-acre website situated alongside Route 1, which is the first retail and workplace hall within the submarket. Princeton College is lower than 1 mile away.
JLL Senior Managing Administrators Jeremy Neuer, Jose Cruz and Kevin O’Hearn, along with Managing Director Tom Romano and Affiliate Alexander Alfier, led the Funding Gross sales and Advisory group representing the vendor. Neuer, Cruz, O’Hearn and Romano had been additionally instrumental within the current sale of a 100,925-square-foot workplace constructing in Lawrenceville, N.J.
CommercialEdge knowledge reveals that greater than 6.2 million sq. ft of workplace area have modified arms in New Jersey year-to-date as of Might. The biggest transaction concerned a three-building, 1.9 million-square-foot workplace campus in Jersey Metropolis that bought for $420 million.
