#b#Hilton Reaches Capacity#/b#
Hilton Realty, which manages commercial parks including Princeton Executive Campus, Windsor Business Park, and Research Park, has filled 1060 State Road and 902 Carnegie Center to capacity. According to the firm, it has leased the final 48,557 square feet of space at the two centers.
902 Carnegie Center reached 100 percent occupancy with the signing of two new leases totaling 9,928 square feet. Goldberg Segalla, a law firm that has had an office here since last year, expanded by 5,042 square feet to 12,667 square feet. Meanwhile, U.K.-based Idis Pharma recently leased 4,886 square feet at 902.
At 1060 State Road, Telesto Group, which provides program management consulting services for the defense industry, has signed on for 3,533 square feet of newly renovated office space to accommodate its own expansion, as it moves from 1 Airport Place.
That space will be taken over by Simple Solve, which is expanding by 1,824 square feet to 3,409 square feet there. Simple Solve provides software solutions and implementation to the insurance industry.
On the retail front, Hilton has signed ALOHA Mind Math to an 8,219-square-foot lease at Montgomery Shopping Center in Skillman.
Two new retail stores have been signed at the Pennington Shopping Center — Salon by Kathryn Getty took 1,606 square feet and All About Birds leased 1,215 square feet. Also, Snap Fitness signed on for 3,969 square feet for a new gym at Princeton Arms Center on Old Trenton Road in West Windsor.
Matt Malatich, Mark Hill and Jon Brush of Hilton Realty represented the landlord in each transaction.
Hilton Management Co. LLC, 902 Carnegie Center, Suite 400, Princeton 08540-; 609-921-6060; fax, 609-921-0939. Jeffrey H. Sands, managing member. www.hiltonrealtyco.com
#b#Fresh Ponds Sells for $15 Million, Gets New Name#/b#
The 120-unit Fresh Ponds Village residential complex in Dayton has new owners and a new name.
California-based Marcus & Millichap Real Estate Investment Services has sold the 110,760-square-foot multifamily complex for $15 million ($125,000 per unit; $135 per square foot) to Westover, a commercial real estate firm based in King of Prussia, Pennsylvania. Westover has renamed the village Princeton Orchards.
Built in 1980, the former Fresh Ponds complex is comprised of two-bedroom/1.5-bath units with a balcony or patio. Ridge MacLaren of Marcus & Millichap’s Philadelphia office noted that the complex, sitting on roughly 25 acres, is “an extremely low-density property with the space to build up to 60 additional units.”
Princeton Orchards, 356 Ridge Road, Dayton 08810; 732-329-2800; fax, 732-329-2877. www.westovercompanies.com
Cushman & Wakefield, with offices in East Rutherford and Edison, has arranged the $22.5 million sale of 130 Interstate Boulevard in South Brunswick, a 413,092-square-foot bulk warehouse and distribution facility.
Cushman & Wakefield represented the seller, a joint venture between IDI and institutional investors advised by J.P. Morgan Asset Management. The firm also procured the buyer, Terreno Realty Corporation of San Francisco. The 25-acre site in the Exit 8A industrial market is now fully leased to Home Depot. The site’s footprint totals 3.6 million square feet.
The deal is a good sign for the beleaguered 8A market, which has suffered from heavy downsizing in the distribution and retail sectors in the past two years. Gary Gabriel, an executive vice president at Cushman & Wakefield, said that “after 24 months of an incredibly supply-constrained market for industrial investment sales, the end of the third quarter of 2010 started to show signs of life,” adding that the sale is an example of the “trend toward increasing volume in the sector.”
Gabriel teamed with Paul Torosian, Andrew Merin, and David Bernhaut to conclude the transaction, which is for a long-term lease, though the firm did not specify the terms.
Cushman & Wakefield, 1 Meadowlands Plaza, East Rutherford 07073; 201-935-4000; fax, 201-935-0724. www.cushwake.com