Princeton property trades for $55M
Princeton Forrestal Village, a 549,337-square-foot mixed-use development along Route 1, in Princeton,
has sold for $55 million to an entity controlled by investment management firm Investcorp International Inc
., commercial brokerage CB Richard Ellis
said last week.
The 42-acre campus, which encompasses 10 office, retail and restaurant buildings, previously was owned by a consortium that included a Mack-Cali Realty Corp
. entity; the group made significant capital improvements and undertook a major retail repositioning at the property during its ownership.
Investcorp is considering the potential conversion of some retail suites at Forrestal Village to medical office space, according to Jeff Dunne
, CB Richard Ellis vice chairman who was part of the team representing the seller.
Given the complex’s proximity to the 630,000-square-foot University Medical Center of Princeton at Plainsboro, scheduled to open next year, “there is expected to be increased demand for medical office space in the vicinity,” he said. Surgical Specialists at Princeton, for example, recently signed a lease with Investcorp for a 12,400-square-foot surgical center, he said.
Forrestal Village currently has an office occupancy rate of approximately 93 percent and a retail occupancy rate of about 82 percent, according to CB Richard Ellis. – Evelyn Lee