8B — May 21 - June 17, 2021 — Central New Jersey — M id A tlantic Real Estate Journal


C entral NJ

Principal Financial serves as lender NorthMarq finalizes $16.2 million refinance of two mixed-use properties in Princeton, NJ

RINCETON, NJ — NorthMarq has an- nounced the $16.2 million refinancing of two mixed-use buildings in Princ- eton. Each property is five- stories with ground floor retail that total 92,359 rentable s/f The properties are locat- ed at 25 Spring St. and 55 Witherspoon St. within the prominent downtown area of Princeton. 25 Spring St. is a 60,410 s/f property with three ground floor retail tenants and 52 luxury apartments. 55 Witherspoon consists of 31,949 s/f with two ground floor retail tenants and 24 units. P

The former use of the ground that sits under the subject properties was surface park- ing lots owned by the Borough of Princeton. Under the state redevelopment laws, the Bor- ough formed a public-private partnership in 2003 with Nas- sau HKT Associates. A 99- year, un-subordinated ground lease was entered into with the first portion of the redevelop- ment including construction of the 55 Witherspoon building, a 15,000 s/f public plaza, a 500-car public parking garage and a new 58,000 s/f building housing the Princeton Public Library. The 25 Spring St.

building was then redeveloped on a second Borough parking lot across the St. from the 55 Witherspoon building. “The ownership group re- quested a long-term fixed rate loan and we were able to ar- range a 15-year term at a rate substantially below 3 percent. The deal had a number of in- teresting facets including an unsubordinated ground lease, expiring PILOT and retail tenants who are paying 50 percent of their rent due to the pandemic,” said Gary Cohen , managing director of North- Marq’s New Jersey office. “The lender, Principal Financial , was fantastic to work with and were able to get comfortable with the deal and provided an excellent execution.” MAREJ

25 Spring St.

Owner Managed Industrial Space. Lease With Confidence.

The Goldstein Group handles 3000 s/f lease in Flemington, NJ


39 Route 31 FLEMINGTON NJ — The Goldstein Group announced Slim Chickens has leased the former Roy Rogers Restau- rant space located at 39 Route 31, Flemington, according to Chuck Lanyard , president of The Goldstein Group. The deal which consists of 3,000 s/f was brokered by Lew Finkelstein , executive vice president, CJ Huter , vice president and Christopher Conway , director for The Goldstein Group represented the landlord, Flemington FC LLC. Marc Palestina , direc- tor for The Goldstein Group represented the tenant, Slim Chickens – Jersey Boyz Man- agement. Slim Chickens opened in 2003 in Fayetteville, Arkansas with a focus on fresh, delicious food with a southern flair in a fast-casual setting. With over 90 locations opened and a fanatical following in 14 U.S. states, as well as international locations in Kuwait and Lon- don, the eternally cool brand is an emerging national and international franchise leading the “better chicken” segment, with a goal to grow over 600 restaurants by 2025. MAREJ


• 131,702 sf lease opportunity designed for warehousing or production operations that can be delivered as a single or multi-tenant building (70,000 sf min divisibility).

• Located in the award-winning Haines Center.

• Lease Commencement will be February 1, 2022.

• Concrete tilt-up construction features include 32’ clear ht ceilings, ESFR sprinkler, LED lighting inside & out, 39 dock doors, and 2 drive-ins. • The site will offer 143 automobile stalls (expandable to 166 stalls) and 47 trailer stalls (expandable to 65 stalls).

• Direct immediate access to NJ Turnpike Exit 6A, the PA Turnpike connector, and I-95.

856 -764-2600 | www.whitesellco.com | Commercial Office & Industrial Real Estate Proudly Serving Southern New Jersey for Over 60 Years

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