6B — May 2023 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral N ew J ersey
JLL represents the seller, Nessel Development Strategic Funding Alternatives purchases class A office build ing
AFC's urgent care center celebrates new location in Clark
RINCETON, NJ — JLL Capital Markets announced has closed the $12.7 million sale of 150 College Rd. West, a class A office building in Princeton. JLL represented the seller, Nessel Development , in the sale of the property to New Jersey-based Strate- gic Funding Alternatives, LLC (SFA) . JLL’s Investment Sales and Advisory team ad- vised 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 Crossroad Corporate Center in Lawrenceville. JLL’s previ- ous office sales in the Princ- eton submarket include: 7&9 Roszel Road (two sales), 600 & 700 Alexander Park Rd., 1 University Square and 800 Scudders Mill Rd. Built in 2001, 150 College Rd. West is a three-story bou- tique office building that is 69% leased to a diverse tenant roster, including a national P
Local officials, including Mayor Sal Bonaccorso and Councilwoman Angel Albanese, and regional business leaders joined key AFC stake - holders at the grand opening event.
150 College Rd. West
health care and life sciences law firm and an engineering, construction management and environmental services firm. 150 College Rd. West is posi- tioned on 7.64 acres along Rte. 1. The property is immediately adjacent to Princeton For- restal 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, healthcare and R&D companies. The JLL Capital Markets Investment Sales and Advi- sory 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 buy- er and seller to consummate a closing in a challenging capital markets environment,” Neuer said. “We look forward to work- ing with both Nessel and SFA on future transactions.” MAREJ
“We opened our first two AFC centers in early 2014 with two more following in 2019,” said Saad. “Now, nearly four years later, our team is thrilled to celebrate another exciting round of growth with two ad- ditional center openings – in Clark and shortly thereafter in Livingston. “Clark has been on our radar for many years,” he added. “We look forward to serving the medical needs of local resi- dents and regional businesses as a good neighbor to this Union County community.” AFC Clark commenced seeing patients on Monday, April 10. Providing convenient and ex- pedient access to high-quality medical care, AFC Clark is open seven days per week from 8 a.m. to 8 p.m. on weekdays and 8 a.m. to 5 p.m. on week- ends, with no appointment necessary and most major in- surance plans accepted. MAREJ
CLARK, NJ — A formal rib- bon cutting ceremony marked the grand opening of Ameri- can Family Care's (AFC’s) new state-of-the-art urgent care center in Clark, increasing access to high-quality health care for residents of the Union County town and its surround- ing communities. The state- of-the-art walk-in urgent care center located at 77 Central Ave. is the fifth AFC franchise in central/northern New Jersey to be led by Albert Saad , own- er, and Dr. Avery Browne , medical director. Local officials, including Mayor Sal Bonaccorso and Councilwoman Angel Alba- nese, and regional business leaders joined key AFC stake- holders at the grand opening event, which included an open house reception with tours, refreshments, entertainment, and a meet-and-greet with AFC’s staff and medical team.
Construction milestone marks progress at Garden Communities’ mixed-use development in East Brunswick
EAST BRUNSWICK, NJ — Legacy Place in East Brunswick has hit another construction milestone, with four buildings now under roof. Garden Communities’ new mixed-use development is taking shape and on track for initial residential marketing and leasing this summer. Located at 110 Tices Lane just off Rte. 18, the Middle- sex County community will feature 520 luxury rental apartments and townhomes. “With Legacy Place, we are creating a lively, pedestri- an-centric, town-center-style development that combines luxury rental residences with retail and state-of-the-art amenities,” said Garden Com- munities’ Scott Loventhal , managing director. “It’s excit- ing to see our vision for this project coming to life.” Legacy Place features a mix of one-, two- and three- bedroom residences. Two urban-style apartment build- ings with garage parking and 18,000 s/f of ground-floor retail will front on Tices Lane. More suburban-style apartments and townhomes will be located toward the rear of the 25-acre site. Legacy Place will be de-
Fennelly Associates negotiates $11M medical office portfolio sale in Hamilton
Legacy Place
veloped in three phases. A 5,000 s/f clubhouse at Legacy Place will house the community’s on-site leasing and management office. It also will feature a state-of-the-art fitness center, a great room, a lounge and private worksta- tions. A resort-style swimming pool, an outdoor kitchen and grilling stations are among the community’s outdoor ameni- ties. The grounds will include walking paths, plenty of open space, a dog park and a central square for residents to gather, along with several pocket
parks for residents to enjoy. Shuttle service will trans- port Legacy Place residents to the nearby East Brunswick bus terminal, which offers direct non-stop service to Man- hattan. Additional highlights include East Brunswick’s top- rated public schools, excep- tional municipal services, and proximity to area malls and retail along Rte. 18. Rutgers University, regional corporate campuses and employment centers, and respected medical institutions are just minutes away. MAREJ
White Horse Executive Center
the firm concluded its 33-year relationship with the family. “Since the start of our rela- tionship with the Neuman fam- ily, the commercial real estate market has changed dramati- cally in the Central NJ area,” said Fennelly. “It’s been a privi- lege to work alongside the Neu- man family as we helped them navigate the ups and downs of the market over the past three decades.” MAREJ
HAMILTON, NJ — Fen- nelly Associates announced the $8M sale of 3575 Quaker- bridge Rd., a 59,000 s/f MOB in Hamilton, and the $3.1M sale of 72,500 s/f of medical office condos at White Horse Execu- tive Center located at 1225-1255 Whitehorse Mercerville Rd. Jerry Fennelly, SIOR, presi- dent of Fennelly Associates, rep- resented the seller, the Neuman family, in both transactions as
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