The owners of a sprawling mixed-use complex that has long abutted Route 1 in Plainsboro are taking new steps to market the property as a home for health care tenants, the companies announced today.
The complex, Princeton Forrestal Village, now includes a segment called the Center for Health Care, according to a news release from Investcorp International Inc. and Lincoln Equities Group LLC. The companies said they established the designation to help market first-floor spaces alongside current tenants like a urology group, a sports medicine practice and other specialists, in space that's only minutes from the new University Medical Center of Princeton.
The decision by the owners also is a nod to the growing weight of medical users in commercial real estate. Last week, brokerage firm Avison Young found that health care and life science users accounted for five of the top six office leases in the second quarter, noting interest is still picking up in those sectors.
Princeton Forrestal Village, a 550,000-square-foot complex with retail, fitness and office space, currently has five medical tenants, according to its website. It's currently marketing about 10 health care spaces totaling 47,000 square feet, the website said.
An entity controlled by Investcorp International acquired the 42-acre complex in 2011, purchasing it for $55 million from a consortium of companies. The 10-building property has undergone repositioning efforts in the past since it was built in 1986, and Investcorp said at the time that could start to convert some retail space to medical office space.
Reporter Joshua Burd is @JoshBurdNJ on Twitter.