Crosstown Moves
New Jersey State Council on the Arts, 225 West State Street, 4th Floor, Trenton 08608. Box 306, Trenton 08625. 609-292-6130. Allison Tratner, executive director. www.nj.gov/state/njsca/index.html.
The offices of the New Jersey State Council on the Arts have moved to 225 West State Street, 4th Floor, Trenton. The nonprofit was previously located at 33 West State Street. Its mailing address and phone number are unchanged.
Leases Signed
Hamilton-based commercial real estate firm Fennelly Associates has negotiated a lease for 19,008 square feet of office space with Micro-Air at 200 Horizon Drive in Hamilton. Jerry Fennelly represented the landlord, Cammeby’s Management, in the transaction.
Founded in 1983, Micro-Air is a designer and manufacturer of air conditioning control systems for recreational vehicles and marine pleasure craft. The company previously operated out of a 7,850-square-foot facility in Allentown, but the firm’s continued growth necessitated a move into a larger facility better suited to its needs.
200 Horizon Drive is a single-story, 47,464-square-foot office building located less than a mile from the intersection of Interstate 195 and Route 130. The highly adaptable building will house Micro-Air’s operations and assembly teams while providing the needed space to facilitate the company’s continued growth.
Fennelly also announced several new leases in Van Nest Office Park, located at 3840 Quakerbridge road in Hamilton. They are: a 3,700-square-foot lease with Thrive Financial Services, a 1,945-square-foot lease with Empro Insurance and a 1,450-square-foot lease with Caplin Point Labs. Fennelly represented the landlord in all three transactions.
3840 Quakerbridge Road is a 33,000-square-foot, two-story office building located less than two miles from the intersection of Route 1 and Interstate 295. 3840 Quakerbridge Road, joined by an identical adjacent building at 3836 Quakerbridge Road forms the Van Nest Office Park, a modern office campus bordering the Van Nest Wildlife Refuge, a 98-acre wildlife management area.
“Although these businesses operate in different industries and serve different clients, their need for a well-located, modern office is uniform,” said Fennelly.
Thrive Financial Services is a retirement income planning and investment specialty firm with six financial planners, a staff of 29, and four offices across New Jersey and Pennsylvania. The firm specializes in retirement income planning, investment and risk management, forward tax planning, and legacy planning.
Founded in 2020, EmPRO Insurance Company is a wholly owned subsidiary of Physicians’ Reciprocal Insurers, a New York reciprocal insurance exchange. EmPRO’s medical professional liability solutions protect the healthcare communities of New York, New Jersey, Pennsylvania, and Connecticut through a variety of services including risk, malpractice, and peer support; supported by outstanding customer service and aggressive claims defense.
Headquartered in India, Caplin Point Laboratories Limited is engaged in the R&D and manufacture of finished formulations, APIs, front-end generic presence and clinical research for customers across India, Latin America and Africa. Caplin Point has more than 4,000 product registrations with more than 650 pharmaceutical formulations and more than 36 therapeutic sections across the globe.
More information: www.fennelly.com.
Transactions
A Hamilton property has been purchased by development partnership between Lincoln Equities Group and PGIM in a transaction arranged by Cushman & Wakefield. The purchase price was not disclosed
The 48.1-acre development site, located at 861 Sloan Avenue, has site plan approval for 420,000 square feet. Neighboring properties house global logistics firms such as DHL, Colgate, FedEx, and the United States Postal Service. The property is also near the Hamilton Train Station and I-295. Construction at the site is expected to take 24 months.
The seller, Manchester 270 Development Inc, was represented by the Cushman & Wakefield team of Robert Rudin, Gary Gabriel, Kyle Schmidt, David Bernhaut, and Seth Zuidema.
Lincoln Equities Group is a full service commercial real estate firm based in Rutherford, New Jersey. PGIM, based in Newark, New Jersey, is the asset management arm of Prudential Financial.
Bank of Princeton tp Acquire Cornerstone Bank
Princeton Bancorp, the parent company of The Bank of Princeton, and Cornerstone Financial Corporation, the parent company of Mount Laurel-based Cornerstone Bank announced a merger agreement under which Princeton Bancorp will acquire cornerstone in a transaction valued at approximately $17.9 million.
The acquisition is subject to approval by the boards of both companies and banking regulatory approvals. The companies anticipate the transaction will close in the second or third quarter of this year.
Under the terms of the merger agreement, Cornerstone will merge with, into and under the charter of Princeton Bancorp. Each share of Cornerstone common stock outstanding will be exchanged for 0.24 shares of Princeton Bancorp, subject to adjustment, having a value of $8.16 per share based on the $34 closing price of Princeton Bancorp common stock on January 17. Each share of Cornerstone’s preferred stock outstanding will be exchanged for its stated value of $1,000 per share.
In a press release, Bank of Princeton president and CEO Edward J. Dietzler stated, “Cornerstone represents the second acquisition we have announced in the last 15 months and further supports our growth in the southern New Jersey market, while doing so in a manner that is minimally dilutive to tangible book value and accretive to our earnings. It provides a great opportunity to combine two community banks that share a deep commitment to their local markets, fills in our South Jersey branch presence and enhances our core banking franchise. We are excited to welcome Cornerstone’s employees, customers, and shareholders to Princeton Bancorp, and we believe this transaction will enhance our long-term profitability metrics and earnings growth rate. This acquisition aligns with our continued vision of being the premier community bank in all of our markets.”
Founded in Princeton in 2007, the Bank of Princeton currently has 22 branches in New Jersey as well as five in and around Philadelphia, Pennsylvania, and two in the New York City metropolitan area.
More information: www.thebankofprinceton.com.
