#b#Commercial Real Estate Deals#/b#
CenterPoint Properties has purchased the Monroe Township property used by Barnes & Noble as its primary distribution center for $83 million.
The 1.15 million-square-foot property was sold by a pension fund advisory firm represented by Andrew Merin, Gary Gabriel, David Bernhaut and Brian Whitmer of Cushman & Wakefield’s Metropolitan Area Capital Markets Group. CenterPoint Properties, was also represented by Cushman.
“This is the largest leased industrial property sale in New Jersey in at least a dozen years,” said Gabriel. “The transaction evidences the fact that investors are willing to accept large single-asset/tenant exposure to industrial in New Jersey. While the typical “one-off” industrial sale is in the $8 million to $25 million range, it is far more efficient to take down a single asset of this size to increase allocations to the sector.”
Located at on a 73-acre tract near Exit 8A, the facility, constructed in 2005, can accommodate an expansion of up to 100,800 square feet.
According to Merin, Barnes & Noble, with a lease running through 2020, made about $100 million in improvements in the building. “With its high ceilings, amenities and infrastructure, it is fully configured for e-commerce fulfillment, which is what the world is looking for today.”
The bookseller uses the site to distribute books, electronics, toys and, games to more than 700 stores nationwide, and to E-commerce customers internationally. The facility features 39-foot clear ceilings, 115 loading doors, a full-service cafeteria, and a fitness center for 800 employees.
Heartland Payment Systems (HPY), 90 Nassau Street, Second Floor, Princeton 08542; 888-798-3131; fax, 609-683-3815. Robert Carr, CEO. www.heartlandpaymentsystems.com.
Heartland Payment Systems, the payment processing company on Nassau Street, has entered into a deal with Vantage Hospitality Group to be a preferred provider of payroll solutions and payments processing services.
Vantage, the eighth largest hotel company in the world, has more than 1,000 independently owned and operated hotels, including Americas Best Value Inns and the Lexington inns and hotels.
Heartland, which processes transactions for more than 60,000 restaurants and 6,500 hotels, is also the official preferred provider for payment processing and payroll for the American Hotel and Lodging Association, the National Restaurant Association, and 43 state lodging associations.
Princeton Forrestal Village, 206 Rockingham Row, Princeton 08540; 609-799-7400; fax, 609-799-0245. Dan Ackerman, asset manager. www.princetonforrestalvillage.com.
Investcorp International and Lincoln Equities Group, the owners of Princeton Forrestal Village, announced a lease agreement for some 13,000 square feet with CHDI Management, a non-profit profit research organization that develops drugs to slow the progression of Huntington’s disease.
Daniel S. Ackerman, Lincoln Equities senior director of leasing said that CHDI’s presence in the center “illustrates our commitment in becoming one of New Jersey’s finest mixed-use properties, with retail, dining, healthcare/medical and office availabilities integrated into one eclectic location.”
He said that with the addition of CHDI, Forrestal Village has realized its goal of 96 percent leased office space. Since Lincoln took ownership of the multi-use center in 2010, “Forrestal Village has seen exponential growth in all its sectors, with a particular increase in the medical and healthcare areas,” said a company release.
“New tenants are realizing the benefits of the Village’s proximity to the University Medical Center of Princeton, and to the Princeton region,” said Joel Bergstein, president of Lincoln Equities. “Over the past year, we’ve added several new medical/healthcare tenants. This firmly attests to the property’s rapidly growing reputation and value.”
SES Americom Inc. (An SES Global Co.), 4 Research Way, Princeton 08540; 609-987-4000; fax, 609-987-4517. Edward D. Horowitz, chief executive officer. www.ses-americom.com.
SES Americom has signed a long-term lease extension to remain in its 79,000-square-foot office at 4 Research Way. The decision to stay at the location came after an extensive two-year year search that involved looking at properties in two-states.
SES, based in Luxembourg, utilizes the location as its U.S. headquarters. The company owns and operates a fleet of 52 geostationary communication satellites and a supporting network of teleports.
Ownership in the transaction was represented by commercial realtors Vincent Marano and Tom Stange of National Business Parks. Marc Trevisan and Robert Rudin of Cushman & Wakefield represented SES Americom.
“Ultimately, it made operational and economic sense to extend at their existing headquarters location,” said Trevisan, who added that the search involved numerous locations, including both existing and build-to-suit projects in New Jersey and Pennsylvania.
John E. Boyd, 81, on February 25. He was director of computing research at American Cyanamid, where he designed, developed, and supervised a robotic-based research lab — the first ever in the company.