Princeton University acquired a Mercer County office building, where it is currently a tenant, for $33.4 million.

JLL Capital Markets announced the sale of the 158,180-square-foot Princeton Overlook Dec 2. Located along Route 1 at 100 Overlook Center in West Windsor, the four-story office building sits on approximately 21 acres.

JLL represented the seller, Cali Overlook LLC, and procured Princeton as the buyer, the firm said.

The building offers a strategic location, close to area amenities including the Hyatt Regency Princeton hotel.

According to its website, Princeton University has its Office of Advancement and Office of Human Resources at the property. Additional occupants at the building include UBS Financial Services and Regus Coworking.

Built in 1988, the site was originally slated to include two buildings, allowing future development on the vacant land, JLL said.

Senior Managing Directors Jose Cruz and Jeremy Neuer along with Senior Analyst Bradley Wachenfeld led the JLL Capital Markets Investment Sales and Advisory team representing the seller.

“Our team has had significant success in the Princeton market as it attracts a unique buyer pool due to the vibrancy of the University and the talented workforce in the immediate area,” Cruz said.

When JLL announced the site’s availability earlier this year, it attributed 79% of building income to credit tenants, Real Estate NJ reported at the time.

Princeton University holds distinction as the tenant, the story added, with the largest footprint at the property (more than 43%).

“Working with Princeton University is always a pleasure and with our client, Cali Futures, we were able to create a win-win scenario with the University,” commented Neuer.

Meanwhile

Before the Thanksgiving holiday, JLL Capital Markets also arranged financing for the Seagis Class A Industrial Portfolio.

The firm worked on behalf of Seagis Property Group LP to secure the $102 million, seven-year, fixed-rate, interest-only loan through its correspondent, Columbus-based Nationwide.

The package includes three new warehouse distribution centers in North Jersey and South Florida infill markets. The properties total 495,674 square feet, JLL said.

The Garden State property measures 178,200 square feet at 2013 McCarter Highway in Newark.

Based in Conshohocken, Pa., Seagis’ portfolio features 37 New Jersey properties, according to its website. It has three Newark properties, including 100 Frontage Road, where Seagis and United Airlines celebrated the debut of a new, state-of-the-art cargo facility adjacent to Newark Liberty International Airport, in April. Weeks later, JLL arranged $81 million financing for that property.

For the latest, Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs led the JLL Debt Advisory team.

Built in 2023, 2013 McCarter Highway offers 40-foot clear heights, 37 docks and 127 parking spaces.

“We are pleased to facilitate the financing of this best-in-class portfolio, enhancing Seagis Property Group’s ability to capitalize on these premium assets in highly demanded markets,” commented Nalbandian. “This portfolio provided a financing opportunity that offered scale, strong submarkets, diversification, credit tenancy and a WALT of almost 10 years.

“Nationwide stepped up for this attractive financing and delivered premium economic terms,” Nalbandian continued.

More capital markets moves

• Winfield acquires downtown boutique Morristown shopping center
• North Jersey multifamily projects secure $49M in funding