CBRE announced on Thursday the $26.24 million sale of the Windsor Corporate Park in East Windsor.
CBRE’s institutional properties team of Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Gene Pride, Stuart MacKenzie and Zach McHale worked with the leasing team of Adam Englander and Carolyn Sica on behalf of the seller, Raith Capital, and procured the buyer, Strategic Funding Alternatives, a commercial real estate firm.
“It has certainly been a long few months but we are so excited to be entering the Princeton/Mercer County market with this new acquisition. WCC is a beautiful campus with plenty of space, abundant parking and flexible office configurations ~ perfect for those companies who may have distribution facilities nearby but want Class A corporate offices.” SFA already has plans for additional amenities and enhancements as part of its core focus on optimizing undervalued properties. Schneider adds, “We see this property as a strong addition to our portfolio and will be aggressively leasing the available space to multiple prospects,” Jeffery Schneider, managing principal, SFA, said.
The Class A park is comprised of four buildings totaling 291,550 square feet in the heart of Mercer County at 50 Millstone Road. The complex has a parking ratio of six spaces per 1,000 square feet and is within close access to the New Jersey Turnpike, routes 1 and 130, Interstate 295 and the Princeton Junction Train Station.
“We appreciate the perseverance and cooperation of both the seller and the buyer in completing this transaction in the midst of the pandemic,” Dunne, vice chairman, CBRE, said. “We were able to work with both parties to get this deal over the finish line and look forward to working with both again.”
Raith Capital had invested more than $3 million in capital when it owned the building, leading to 70% occupancy from 41%.
“SFA has grown their portfolio significantly in the southern part of New Jersey and we expect them to continue to grow further north. We are always happy to welcome new buyers to our markets,” Neuer said.
