Princeton Pike Corporate Center Trades Hands

Bloomfield, NJ-based Prism Capital Partners announced the sale of Princeton Pike Corporate Center, an eight-building, 800,000-square-foot office park in Central New Jersey's Mercer County for an undisclosed price. The property previously traded in 2013 when Brandywine Realty Trust sold the complex to Prism Capital Partners and Angelo Gordon for $121 million, or $151 per square foot. As the operating partner, Prism Capital Partners launched a series of upgrades after purchasing the property, including tech updates and new entrances and amenities. Joe Garibaldi, Tom Walsh and Michael Fenton of Jones Lang LaSalle brokered Princeton Pike Corporate Center's sale to Lenox Drive Office Park LLC.

"We added tremendous value during our ownership of Princeton Pike Corporate Center," said Edwin Cohen, Prism Capital Partners principal partner. "The improving economy brought renewed velocity to the office leasing market, and we capitalized on that through significant capital improvements and aggressive leasing."

"Our purchase acumen was proved correct through the considerable profit we earned," added Eugene Diaz, another Prism principal partner.

Constructed on 100 acres between 1984 and the early 1990s, Princeton Pike Corporate Center's class A office buildings range in size from the 97,000-square-foot 997 Lenox Drive (Princeton Pike 3), to the 180,000-square-foot 1009 Lenox Drive (Princeton Pike 4). The eight buildings each feature central atriums, onsite café and fitness centers, on-site management, and offer close proximity to area hotels. The property was 90% leased at the time of sale, with major tenants including Wells Fargo, Ken Clark International, Stark & Stark, the Princeton Healthcare System, Fox Rothschild, Citigroup, MetLife, Philadelphia Insurance Co., and Ono Pharma USA.

For more news and information visit Blumberg Partners.

JV Completes $121 Million Acquisition of Princeton Pike Corporate Center

A joint venture between Prism Capital Partners and Angelo, Gordon & Co. has completed the acquisition of Princeton Pile Corporate Center in Lawrenceville, New Jersey for $121 million, or $151 per square foot. Brandywine Realty Trust sold the 800,000 square foot complex; terms of the deal were not disclosed.

"This was a strategic acquisition and an expansion from northern New Jersey into the Princeton marketplace," said Eugene Diaz, principal of the Bloomfield, N.J.-based Prism Capital Partners. "Princeton Pike is a high quality set of assets in a cohesive office park environment, one that also offers future development opportunities on approved land. We are also very familiar with the asset, dating back to a relationship with the original developer, DKM, so this acquisition made complete sense."

The eight-building complex was approximately 90% leased at the time of sale. Situated on 100 acres at the intersection of U.S. Route 1 and I-195 and completed between 1984 and 1990, Princeton Pike Corporate Center is just minutes from downtown Princeton. Prism is handling the leasing of Princeton Pike Corporate Center. "This is a strategically located class A asset with access from all major corridors leading to and from the Princeton area," said Edwin Cohen, principal of Prism. "We anticipate a great deal of interest in the property's remaining availabilities."

For more news and information visit Blumberg Capital Partners.