A building on College Road East is up for auction on Tuesday, August 28, as a result of a foreclosure action.
Onyx Equities LLC, a real estate investment and property management firm headquartered in Woodbridge, is the court-appointed receiver for the sale of 750 College Road East. The sale begins at 11 a.m.
According to the Plainsboro Township tax offices, the owner is listed as 750 College Road Associates. No taxes are owed on the property, part of which is assessed as farmland.
A listing on the website of commercial realtor BPG Properties describes the property as a three-story 99,742-square-foot building with frontage on College Road East. A breakdown of square footage is 34,837 on the first floor, 34,836 on the second floor, and 30,110 on the third. The building also includes an on-site cafe.
Bob Kupsch, a portfolio manager at BPG, said the company is no longer involved with the property and didn’t know any details about its ownership or sale.
The building is currently home to two first-floor tenants: Invidi Technologies, a provider of targeted advertising for broadband television services; and the Princeton office of Saul Ewing LLP, a law firm with 11 offices on the east coast, including New York, Philadelphia, Boston, and Washington D.C.
On January 11, a foreclosure action was filed in the Newark office of the state District Court with U.S. Bank listed as the plaintiff. Stanley R. Chesler is the presiding judge, reports justia.com, a website that logs court filings.
According to the advertisement placed by Dinsmore & Shohl, the amount due to the plaintiff as of March 20 was about $19.5 million, not including continuing interest. The buyer will be required to provide 20 percent of the winning bid amount in cash, a certified check, or official bank check. The remaining balance is due within 30 days of the sale.