JLL Capital Markets sells 150 College Rd. West, situated along Route 1 in the Princeton submarket of New Jersey
News release
11 May 2023
Princeton Class A office building trades for $12.7M
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MORRISTOWN, N.J., May 11, 2023 – JLL Capital Markets announced today that it has closed the $12.7 million sale of 150 College Rd. West, a Class A office building in Princeton, New Jersey.
JLL represented the seller, Nessel Development, in the sale of the property to New Jersey-based Strategic Funding Alternatives, LLC (SFA). 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 Crossroad Corporate Center in Lawrenceville. JLL’s previous office sales in the Princeton submarket include: 7&9 Roszel Road (two sales), 600 & 700 Alexander Park Road, 1 University Square and 800 Scudders Mill Road.
Built in 2001, 150 College Rd. West 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.
150 College Rd. West is positioned on 7.64 acres along Rte. 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, healthcare and R&D 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Nessel Development
Nessel Development employs a value-add investment approach involving strategic redevelopment and creative leasing strategies. The firm owns and operates commercial real estate throughout the country. For more, please visit: nesselinc.com.
About SFA
SFA is a privately held commercial real estate investment firm located in Moorestown, New Jersey. Founded in 2016, SFA has become one of the fastest growing firms in the Southern and Central New jersey market with 32 properties and 1.4 million square feet. For more information, visit: www.sfalts.com.