American Realty Capital Global Trust, Inc. has closed on its $63.58 million acquisition of the office building at 100 College Rd. W in Princeton, NJ. Ivy Realty Services LLC sold the Forrestal Greene Corporate Park building at almost $413 per square foot.
The three-story, 154,101-square-foot office building was constructed in 2000 on 16.8 acres in the Princeton North submarket of Middlesex County, in Plainsboro Township. The building features frontage on US Rte 1 with proximity to shopping, restaurants, and national chain hotels. It is currently undergoing significant upgrades including a renovated lobby and cafeteria, new meeting rooms, and improvements to achieve LEED Silver certification.
Originally built for Novo Nordisk, the asset is now fully occupied by pharmaceutical company Sandoz, which signed a 12-year lease to utilize the building as its U.S. headquarters.
Cushman and Wakefield’s East Rutherford, NJ-based Metropolitan Area Capital Markets Group (CMG) of Andrew Merin, David Bernhaut, Gary Gabriel, and Grace Braverman represented the seller. The buyer, an affiliate of American Realty Capital (ARC), handled the sale in-house.
"The Princeton/Route 1 submarket’s vacancy rate, 12.7 percent, is the lowest in the state," said Merin. "Notably, all large blocks of space in the corridor have been leased - there are no blocks of contiguous space greater than 100,000 square feet currently available."
Merin added, "This sale is clear evidence of the level of demand by investors for class A properties occupied by high-credit, long-term tenants. That is another key reason why an investment opportunity such as 100 College Road West does not remain available for very long."
Please see CoStar COMPS #3069513 for additional information on this transaction.