JLL facilitates 100K-square-foot Princeton submarket office property sale

The Crossroads Corporate Center office property in Lawrence Township – part of the Princeton submarket – has a new owner.

JLL said March 28 it represented Gilbane Development Co., the seller, in the transaction with a joint venture formed by Simone Realty Inc., which acquired the asset. Financial terms were not disclosed.

The JLL team was led by Senior Managing Directors Jeremy Neuer, Jose Cruz and Kevin O’Hearn; Managing Director Thomas Romano; and Directors J.B. Bruno and Jason Lundy.

Since it was built in 1991, the 100,925-square-foot property located at 3150 Brunswick Pike has undergone several renovations, according to JLL. The three-story building offers a dramatic, two-story lobby; exterior balconies; and a high parking ratio.

A company representative did not immediately respond to a question concerning the property’s occupancy rate at the time of sale.

Situated on more than 45 acres, the Mercer County site also includes a large pond with scenic views.

The property is located at the interchange of Interstate 295 and U.S. Route 1, lending it strategic access along with high visibility.

While JLL identified “diminishing leasing volume” as a theme for the Garden State’s office sector through 2022 in its Fourth Quarter sector report for that year, the firm said it expects office occupiers to continue looking for new space – as opposed to renewals – in 2023. Approximately 62% of transactions for more than 10,000 square feet covered new leases last year—the highest percentage in a decade, JLL pointed out. Over the past two years, the figure represented an uptick, as well, from the recorded “just over 50% of deals” in new leases.

In the Princeton submarket, JLL reported a total vacancy rate of 22.2%, under the state’s 24.5%, with average asking rents trending toward the top of the pack at $28.90 per square foot (the state average was $30.03 per square foot).

Simone Realty is based in Lawrence Township.