CBRE Brokers New Jersey Office Park Sale
- Jun 15, 2020
CBRE has brokered the $26.2 million sale of Windsor Corporate Park, a four-building, 291,550-square-foot office campus in East Windsor, N.J. The firm’s Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Gene Pride, Stuart MacKenzie and Zach McHale, together with Adam Englander and Carolyn Sica, represented the seller, Raith Capital, and procured the buyer, Strategic Funding Alternatives. According to Yardi Matrix data, the Class B property last traded in 2016.
Windsor Corporate Park occupies more than 39 acres at 50 Millstone Road in the Cranbury submarket, Yardi Matrix shows. The office campus consists of two- and three-story buildings delivered in phases between 1958 and 1987 and renovated in 2017. Featuring a parking ratio of six spaces per 1,000 square feet, the property includes an on-site café and conference center. During its ownership, Raith Capital invested more than $3 million in the campus that was approximately 70 percent leased at the time of sale, according to CBRE.
The property is some 2 miles northwest of the city center, near the intersection of the Route 133 Bypass and Princeton Hightstown Road. The location provides easy access to U.S. Route 130 and New Jersey Turnpike. East Windsor Village is less than 2 miles southeast.
In January, Dunne and Neuer assisted KBS in the $311 million disposition of a six-building office campus in Florham Park, N.J. The transaction is considered one of the area’s largest deals for this asset class in recent years.