JLL Capital Markets closed the $12.7 million sale of 150 College Road W., a Class A office building in Princeton, according to a Thursday announcement.
JLL represented the seller, Nessel Development, in the sale of the property to New Jersey-based Strategic Funding Alternatives. JLL’s Investment Sales and Advisory team advised on the seller financing.
This is the second JLL sale to SFA within two years, as well JLL’s second Princeton submarket office sale this year, having recently closed Crossroads Corporate Center in Lawrenceville.
Built in 2001, 150 College Road W. is a three-story boutique office building that is 69% leased to a diverse tenant roster, including a national health care and life sciences law firm and an engineering, construction management and environmental services firm.
The asset is positioned on 7.64 acres along Route 1, the primary retail and office corridor in the Princeton submarket. The property is immediately adjacent to Princeton Forrestal Village, which features a Westin Hotel and high-end restaurants including Ruth’s Chris Steak House, and across from Princeton University’s James Forrestal Campus. The Princeton market is home to an affluent population with an average household income of more than $206,000, as well as some of the world’s leading finance, health care and research & development companies.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Tom Romano and Alexander Alfier.
“This transaction was a true collaboration between the buyer and seller to consummate a closing in a challenging capital markets environment,” Neuer commented. “We look forward to working with both Nessel and SFA on future transactions.”