JLL Capital Markets sells 150 College Road West Class A office building in Princeton, NJ for $12.7 million

 

Jeremy Neuer

 MORRISTOWN, NJ, May 11, 2023 -- JLL Capital Markets has closed the $12.7 million sale of 150 College Road 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.

 

150 College Road West, a three-story, Class A
office building in Princeton, NJ

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.

        Jose Cruz

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.

Tom Romano

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.”

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.

Alexander Alfier

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.

 

CONTACT:

 

Kristen Murphy

JLL Director

 Public Relations

Phone: +1 617 543 4873

Email: Kristen.Murphy@jll.com

 

www.sfalts.com

jll.com.

nesselinc.com

 

EverWest Acquires Two-Building Industrial Project in Prime Denver Infill Location for $39.6 Million

Jessica Ostermick

 DENVER, CO – Leading real estate investment advisor EverWest Real Estate Investors (“EverWest”) has purchased Central Connection for $39.6 million in Denver’s popular North Central infill submarket from a joint venture of Comunale Properties and institutional investors advised by J.P. Morgan Asset Management.

The two-building, 194,710-square-foot Class A industrial asset is fully leased to six diverse tenants in an area known for significant demand and high barriers to entry.

 Central Connection is a two-building,
194,710-square-foot, Class A industrial
 asset at 1550 and 1210 East. 73^rd Avenue
 in Denver. CO

The property sits at the intersection of I-25, I-76 and I-270, minutes from I-36 and I-70, and less than 30 minutes from Denver International Airport.

“Denver’s North Central industrial market is one of the most desirable and connected in the state, with some of the region’s highest rents and lowest vacancy rates, despite a predominantly older inventory of competitive product,” said Brett Birkeland, EverWest’s Managing Director of Acquisitions, Central U.S.

Brett Birkeland

“Within this environment, Central Connection is main-and-main real estate, standing out for its modern construction, clear height and ease of divisibility.”

 "Central Connection represents our first joint venture with J.P. Morgan,” said Comunale Properties President John Comunale.

“Its extensive entitlement and development process honored both the area's agricultural past and this submarket's future as a major economic driver.

"We couldn't ask for a better buyer than EverWest and look forward to their continued stewardship of this asset."

John Comunale

At the time of its delivery in 2020, Central Connection broke records for the fastest ever lease-up of a speculative industrial project in the Central Denver submarket, securing pre-lease commitments for 76% of its buildings and 100% lease-up within one month of completion.

Central Connection is located on 14.12 acres at 1550 and 1210 E. 73^rd Ave. in Denver. Building 1 totals 153,264 square feet with 32’ clear height. It is fully leased to Peloton, Epicurean, Outpost, Alpha and Carlisle.

Building 2 totals 41,446 square feet with 24’ clear height. It is fully leased to Newcomb Spring Corp.

 Bays at Central Connection range from 16,334 square feet to 50,649 square feet. They are equipped with drive-in and dock-high loading doors and feature ESFR fire protection, gated loading access and a market-leading parking ratio of 2.07/1,000.

Jeremy Ballenger

Comunale Properties and J.P. Morgan were represented by Jeremy Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick of CBRE.

According to CBRE, only 2% of industrial buildings in Central Denver have a clear height greater than 32’ and only 12% have a clear height greater than 24’.

Jim Bolt

Modern, Class A shallow bay product like that offered at Central Connection also has a local vacancy rate of just 2.3% and accounted for 80% of the market’s executed leases over the last 12 months.

“This is a versatile project that checks all of the boxes,” said Birkeland. “It can adapt with an evolving market and offers advantages as an infill play benefiting from Central Denver’s high barriers to entry.”

For distribution-centric tenants, Central Connection is 29 minutes from downtown Boulder and 12 minutes from downtown Denver, with 2.1 million people located within a 15-mile radius.

 

Tyler Carner

EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds.

 It provides investment management services including acquisitions, asset management, development and property management for assets throughout the U.S.

 

CONTACTS:

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

RKW Residential Opens Highfield Madison Community in Huntsville, AL

Highfield Madison apartment community,
 just west of Huntsville, AL

Huntsville, AL -- RKW Residential, one of the nation’s fastest-growing multifamily management firms, announces the opening of the brand-new Highfield Madison apartment community, just west of Huntsville, Alabama, which they will be leasing and managing.

 The opening of Highfield Madison represents RKW’s expansion of its leasing and management platform into the rapidly growing Huntsville market and its first partnership with owner and developer i3.

Kathy Olson

 Located in Madison, which is immediately outside of Huntsville, the 258-unit community is elevating the standard for luxury apartment living in the market.

 The property offers convenient access to retailers such as Sprouts Farmer’s Market Grocery and Academy Sports and is in close proximity to the Village of Providence and Mid City.

 Residential demand is at an all-time high in Huntsville, which was recently voted “The Best Place to Live in America in 2023” by U.S. News & World Report.

“We are excited to open Highfield Madison and see our residents experience its best-in-class finishes, amenities and hands-on service provided by our dedicated team,” said RKW’s Kathy Olson, who leads the Highfield Madison property management team.

  “No detail was spared by i3 in conceiving this luxurious community. We anticipate a brisk lease-up given Highfield Madison’s quality, the location’s appeal and tremendous growth occurring in the Huntsville market.”

 “i3 is excited about the completion of Highfield Madison and the expansion of our Multi-family development portfolio, said Doug Demiano, i3 Chief Operating Officer.

 

Douglas A. (Doug) Demiano

“We look forward to having our first residents move into their new luxury apartment homes this summer and serving the growing housing needs of the Huntsville community.”

 Developed and owned by i3. 

Managed and Leased By: RKW Residential

 For information about leasing opportunities at Highfield Madison, visit www.highfieldmadison.com.

 

CONTACTS:

 

Eric Kalis

 BoardroomPR

ekalis@boardroompr.com

954-370-8999

 

Max Brodsky

Account Coordinator

 BoardroomPR

mbrodsky@boardroompr.com

O 954-370-8999

C 954-279-7574

Commercial Real Estate Executive Christie Alexander of CrossMarc Services Named to Board of Directors of KMI International

  

Christie Alexander

ORLANDO, FL --  Christie Alexander, Senior Vice President at Orlando-based CrossMarc Services has been appointed to the Board of Directors of KMI International, a global construction management firm headquartered in Orlando.

Alexander has more than three decades of experience as a senior commercial real estate executive across all sectors of the industry.  She earned the CDI.D board certification from Corporate Directors International.

The board, which comprises a foundation of highly credentialed experts, is headed by the organization’s founder and CEO John Manning.

John Manning

 “We’re proud to welcome Christie Alexander to our board.  Her knowledge of Central Florida will provide great input to KMI and the clients we serve,” he said.

John Crossman, founder of CrossMarc Services said he’s not surprised that Alexander has been selected for the influential role.  “Christie is one of the brightest and most knowledgeable commercial real estate professionals I know.”

John Crossman

Founded in 1999, KMI International is a global program and construction management consulting firm that offers industry-leading levels of talent, resources, and experience along with the added benefit of a personal, hands-on, custom-tailored approach for each project. 

An employee-owned company, KMI provides robust and agile leadership to owners at every project stage. Clients turn to KMI to bring a derailed project out of trouble or to ensure a complex project is properly managed from its inception.

CONTACTS:

 

John Crossman, President,

 CrossMarc Services LLC 

407-794-9393

 jcrossman@crossmarcservices.com

John Manning, PE, LEED AP, CCM,

 Founder/CEO KMI International,

407-251-0085

 info@kmiintl.com

Beth Payan,

 Larry Vershel Communications

 407-461-3781 

 beth@larryvershel.com

 

www.kmiintl.com.