NKF sells $19.5M office building in Princeton

Newmark Knight Frank announced Wednesday the $19.5 million sale of an office building in Princeton on behalf of Normandy Real Estate Partners. 

The property is a 113,998-square-foot, Class A building located at 1 Independence Way.

The commercial real estate advisory firm said Kevin Welsh, Brian Schulz and Chuck Kohaut of its Capital Markets team, with support from Stev Tolkach, leasing broker, represented Normandy in the deal. The NKF team was also responsible for securing the buyer, Guardian Realty, which assumed the existing CMBS mortgage.

The building is currently leasing to two tenants: S&P Global, a financial information company; and Trimble MAPS, a provider of navigation software.

The property is within close access to Route 1, NKF said.

“Normandy Real Estate Partners was able to create substantial value by repositioning 1 Independence, driven by major capital enhancements and the execution of two long-term investment-grade leases,” Welsh, executive managing director, NKF, said. “Guardian Realty is well positioned to benefit from a durable cash flow stream and continued value appreciation, with in-place rents that are ±15% below market in Princeton’s transforming ‘live/work/play’ environment.”