Dr. Greg Olsen, who founded Sensors Unlimited in 1991, sold it in 2005 and went on to become the third private citizen to orbit the Earth after joining the Yuri Gagarin Cosmonaut Training Center in Moscow, Russia, tapped NAI Fennelly to negotiated the sale of 10 acres of undeveloped land in Princeton.
NAI Fennelly’s Jerry Fennelly represented Olsen and managed to secure a buyer, Hix Snedeker Cos., who paid $3.2 million. Hix Snedeker is a commercial real estate developer that is looking to expand its national portfolio of over 5.3 million-square-feet. It intends on building a Tractor Supply store and an extended stay hotel on the lot.
Olsen currently leads an angel investment firm in the area, and no longer needed the lot for his business.
“Although New Jersey’s shortage of developable land provides owners hoping to sell with the upper hand in negotiations, the fierce competition from sellers can often make the marketing and sales process challenging to navigate,” Fennelly said. “In a market like this, it is vital to work with local market experts who truly understand the fair market value of sellers’ assets and have the deep roster of contacts needed to ensure they receive it.”
