A two-building property in Princeton has been sold, with the new owners planning a repositioning of the property, according to real estate firm CBRE.
The 110,000-square-foot property at 100 and 101 Thanet Circle was sold by an institutional owner to the KABR Group, which has plans to rework the distressed asset, CBRE said in a news release Monday.
A team of Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale represented the seller and procured the buyer. Neither the seller nor the financial terms of the deal were disclosed.
CBRE said it has worked with KABR frequently on similar transactions.
“We continue to enjoy a great relationship with KABR,” Dunne said in a prepared statement. “The buyer and seller achieved their goals in this transaction, and we look forward to working with both parties again in the near future.”
Thanet Circle sits on 15 acres at the end of a cul-de-sac just two miles from downtown Princeton.
“Value-add deals have become more difficult to find in our market, especially in strong submarkets,” Neuer said in a statement. “KABR was aggressive in their pursuit of this opportunity, and we anticipate similar success to their other projects that we have been involved with.”