S hopping C enters N ew J ersey S potlight C entral
Real Estate Journal — New Jersey — February 12 - 25, 2016 — 7B
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Lundberg, Verducci, Demmers and Lennon represent the owner, OHR Realty NAI Hanson leases 145,000 s/f industrial building with 11.5-acre yard to Kinkisharyo International P
clear ceiling heights, heavy power, seven tailgates and two drive-ins. Additionally the site has ample outdoor storage capabilities and provides rail service access to both Class 1 carriers, Norfolk Southern and CSX. The property will serve as a new location in the northeast for Kinkisharyo In- ternational, LLC, which will use the space to service and maintain its large fleet of New Jersey Transit Light Rail cars and rail products “The New Jersey Transit light rail system has under- gone extensive expansions in the past 10 years and with a continued flock to urban,
mass-transit oriented areas by millennials and empty nesters there will be an even greater growth of light rail stations and cars,” said Lundberg. “NAI Hanson had the exclu- sive listing on 145 Baekeland Avenue and through our deep knowledge of the marketplace as well as our commitment to finding the best possible ten- ant we were able to deliver a deal that is favorable to both parties and ensures New Jer- sey will continue to see in- creased light rail capabilities and improvements.” The property is just minutes from Route 287’s exits 8 and 9 as well as Route 22. n
ISCATAWAY, NJ — NAI James E. Han- son , a leading New Jersey-based full-service in- dependent commercial real estate firm, announces it has brokered a long-term lease deal for a 145,000 s/f heavy indus- trial building with an 11.5 acre adjoining yard. Kinkisharyo International LLC, a supplier of low-floor, light rail vehicles, has leased the space located at 145 Baekeland Ave. in Piscat- away. NAI Hanson’s Kenneth Lundberg, SIOR , Russell Verducci , Eric Demmers and Pat Lennon represented the owner, OHR Realty . The property features 17-28’ LAWRENCEVILLE, NJ — Prism Capital Partners LLC , has announced the sale of Princeton Pike Corporate Center in Lawrenceville to Lenox Drive Office Park LLC. The trade comes almost three years after Prism acquired the eight-building, 800,000 s/f, class A asset in a joint venture with Angelo, Gordon & Co . “We added tremendous val- ue during our ownership of Princeton Pike Corporate Cen- ter,” said Edwin Cohen , prin- cipal partner. “The improving economy brought renewed velocity to the office leasing market, and we capitalized on that through significant capital improvements and ag- gressive leasing.” “Our purchase acumen was proved correct through the considerable profit we earned,” said Eugene Diaz, principal partner, Prism Capital Part- ners LLC. After the 2013 acquisition, Prism, as operating partner, immediately launched a multi- million-dollar capex program at Princeton Pike Corporate Center. Highlights included a dynamic new entrance, confer- ence center and café and new restrooms at the flagship 989 Lenox Drive; the conversion of 1000 Lenox Dr. from single to multi tenancy featuring a soaring new entrance lobby;
Rendering of Subaru’s future HQ
145 Baekeland Ave.
Prism Capital Partners/Angelo Gordon & Co. sell 800,000 s/f Princeton Pike Corporate Center in Lawrenceville, NJ
Princeton Pike Corporate Center
XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, and MetLife Solutions Group, among others. “The interest in the prop- erty from new tenants and the renewal of existing tenants highlights the outstanding tenant service provided by Prism’s dedicated, experi- enced and professional prop- erty management team,” said Diaz. “Prism’s condensed, value- add experience with Princ- eton Pike Corporate Center is a perfect example of what we do best,” Cohen noted. “We purchase well-located
and new building entrances, an outstanding new atrium, conference center and café at 1009 Lenox Dr. Elevator and HVAC modernizations; updated restrooms; and new lighting, wall coverings, paint and carpeting were among the upgrades at select buildings, with parking lot repaving, new roofs and other exterior renovations at others. “This work successfully el- evated the property’s profile, and established an environ- ment that fosters both tenant retention and new leasing interest,” Cohen said. “And as companies began to come off the sidelines to make strategic real estate decisions and posi-
tion themselves for growth, Princeton Pike Corporate Cen- ter became a preferred choice.” Under the Prism/Angelo Gordon ownership, new ten- ants including J. Knipper and Company Inc., Eckert Sea- mans Cherin andMellott LLC, Adare Pharmaceuticals, Foun- dation Asset Management and Management Planning Inc. leased space, while many oth- ers – such as Johnson Mirmi- ran & Thompson, Langan En- gineering, Ameriprise Hold- ings and Navigant Consulting – expanded their presence or renewed in place. Today Princ- eton Pike Corporate Center is more than 90% leased. Other key tenants include Sirius
properties in robust markets, work to enhance the tenant experience through hands-on management and capital im- provements, and build leasing momentum that will continue for years to come.” The Bloom- field, N.J., firm remains in active acquisition mode. Joe Gar iba ldi , Tom Walsh and Michael Fen- ton of Jones Lang LaSalle brokered Princeton Pike Cor- porate Center’s sale to Lenox Drive Office Park LLC. Locat- ed on 100 acres at the intersec- tion of U.S. Route 1 and I-195, the property is just minutes from downtown Princeton. The campus offers a cohesive office park environment. n
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