CBRE said in a Tuesday announcement that Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of its Institutional Properties group, in partnership with Matthew Saker and Alec Monaghan, represented Educational Testing Service in the $18.75 million sale of an office/warehouse building in Ewing. The CBRE team was also responsible for procuring the buyer.
Located at 225 Phillips Blvd., the asset was originally built as a build-to-suit for ETS in 1995. The building totals approximately 310,000 square feet, of which 165,000 square feet is currently office space and 145,000 square feet is warehouse and print space. ETS will lease back the building for a short period of time, providing the buyer with the opportunity to begin marketing in advance of the building becoming available.
Dunne, a CBRE vice chairman, commented: “This building is truly one-of-one in the market, given its mix of office and warehouse space. ETS maintained the building in an immaculate state and the quality of both the initial construction and the additional capital invested recently helped drive interest during the marketing process.”
“The buyer immediately saw the value in the building and the existing infrastructure. ETS recently upgraded the building common areas and added a full building generator to provide uninterrupted power throughout,” added Neuer, an executive vice president.