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150 College Road West in Princeton — Courtesy: JLL
By Joshua Burd
An investment firm has sold a nearly 72,000-square-foot office building in Princeton for $12.7 million, in a newly announced deal by JLL.
In a news release, the brokerage team said it represented Dallas-based Nessel Development in the transaction at 150 College Road West, a three-story property built in 2001. Strategic Funding Alternatives LLC purchased the Route 1 complex, which is 69 percent leased to tenants such as a national health care and life sciences law firm and an engineering, construction management and environmental services firm.
JLL’s Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Tom Romano and Alexander Alfier spearheaded the assignment, while the firm also advised on seller financing.
“This transaction was a true collaboration between the buyer and seller to consummate a closing in a challenging capital markets environment,” Neuer said. “We look forward to working with both Nessel and SFA on future transactions.”
Sitting on 7.64 acres, 150 College Road West is adjacent to the mixed-use Princeton Forrestal Village and across from Princeton University’s James Forrestal Campus, JLL said. The deal marks JLL’s second sale to SFA within two years and its second trade in the Princeton submarket in 2023, having recently closed the disposition of Crossroad Corporate Center in Lawrenceville.
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