Chambers Street Properties, a real estate investment trust (REIT) located on Hulfish Street has announced its intention to list its common shares on the New York Stock Exchange under the symbol “CSG.”
Chambers Street said in a news release that it expected shares to be listed on NYSE on or about Tuesday, May 21. The company also said it intends to hold a modified “Dutch Auction” tender offer to purchase up to $125 million of its common shares.
The company currently owns 129 commercial properties in 22 states, Germany, and the United Kingdom. The company reported that as of December 31 its portfolio was 98 percent leased to 272 tenants.
Earlier this year, Chambers Street acquired 701 and 801 Charles Ewing Boulevard — a 110,765 square foot, two-building laboratory and office campus in Princeton South. The single and two-story buildings are fully leased to the FMC chemical company.
Chambers Street, organized in 2004, changed its name from CB Richard Ellis Realty Trust last July.
Chambers Street added some 5.5 million in net rentable square feet to its portfolio in 2012, mostly fully leased office, warehouse, and distribution properties. In December the company closed on a 1 million square foot state-of-the-art logistics facility in Koblenz, Germany.
Chambers Street Properties’ portfolio includes 129 properties across three continents and in more than 40 markets including 116 in the United States.
Chambers Street Properties (CSG), 47 Hulfish Street, Suite 210, Princeton 08542; 609-683-4900. www.cbreinvestors.com.
#b#Princeton Pike Center Sold#/b#
The eight-building, 800,000- square-foot office park known as the Princeton Pike Corporate Center has been sold by Brandywine Realty Trust to Prism Capital Partners LLC of Bloomfield and Angelo, Gordon & Co. for a price of $121 million, or about $150 per square foot.
“Princeton Pike is a high quality set of assets in a cohesive office park environment, one that also offers future development opportunities on approved land,” said Eugene Diaz, principal of Prism Capital Partners in a prepared statement. “We are also very familiar with the asset, dating back to a relationship with the original developer, DKM,” which constructed the center between 1984 and 1990.
According to the press statement, the complex was approximately 90 percent leased at the time of sale. Located on 100 acres just off I-95, tenants at the center include Wells Fargo, Langan Engineering, Sirius XM Radio, Stark & Stark, Princeton Healthcare System. Fox, Rothschild, Celsion, MetLife, Philadelphia Insurance Co., the Segal Company, Edison Venture Fund, Ono Pharma USA, Parson Brinkerhoff, and Navigant Consulting.
Prism is handling the leasing of Princeton Pike Corporate Center. Said Diaz: “We will implement cost reduction measures, utilizing a competitive bidding process and cooperate with the real estate brokerage community to find creative solutions to their client’s needs.”
#b#Crate & Barrel Warehouse Sold#/b#
A German company, Deka Immobilien, has sold its two-building warehouse center on Half Acre Road in Cranbury to Duke Realty for an undisclosed price in an off-market transaction.
The property, entirely leased to Crate & Barrel on a triple net basis until 2020, is located in a Foreign Trade Zone off Exit 8A of the New Jersey Turnpike. It consists of two single-story Class A warehouse/distribution buildings completed in 2004 and 2007 and totaling 949,580 square feet.
Savills LLC, a New York-based real estate investment banking firm, worked with Newmark Associates of Whippany on the transaction.
Leases Signed. Advanced Realty has signed two leases totaling 35,000 square feet at Windsor Center, a strip center Route 130 and Princeton-Hightstown Road in East Windsor.
Bottom Dollar Food is expected to open a new, 22,500-square-foot discount grocery store in October of this year. Retro Fitness is expected to open its gym in September.
Advance Realty partnered last year with Structure Tone Equities to improve the appearance and operations and to reposition the aging shopping center. Brian Banaszynski with Advance Realty Banaszynski worked with Jay Miller of Fameco Real Estate to represent the landlord in both deals. Hugh Scullin of Katz & Associates represented Retro Fitness, while Scott Dennis with Fameco Real Estate represented Bottom Dollar during negotiations