Constructed as a build-to-suit for Educational Testing Services (ETS) in 1995, an office-warehouse building in Ewing has sold for $18.75 million, CBRE announced Jan. 4.
Of its approximately 310,000 square feet, 165,000 square feet is office space while 145,000 square feet is warehouse and print space at 225 Phillips Blvd.
ETS will lease back the building for a short period of time, CBRE said, allowing the buyer to begin marketing for the space ahead of its availability.
225 Phillips Ave. in Ewing was a build-to-suit for Educational Testing Services, offering both office and warehouse space. – CBRE
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with CBRE’s Matthew Saker and Alec Monaghan, represented ETS in the sale. The team also procured the unnamed buyer.
Dunne, a vice chairman at the commercial real estate services and investment firm, described the building – and its mix of office and warehouse space – as unique in the market.
“ETS maintained the building in an immaculate state and the quality of both the initial construction and the additional capital invested recently helped drive interest during the marketing process,” he said in a statement.
According to a statement from Neuer, executive vice president, the common areas at 225 Phillips Blvd. were recently upgraded and a full building generator was added.
In December, the firm’s Institutional Properties group represented the seller in a $16 million transaction in Roseland.
