Two-building New Jersey office complex trades
JLL completes sale of office complex at the corner of Alexander and Roszel Roads in the Princeton office market
MORRISTOWN, N.J. – Apr. 21, 2021 – JLL announced today that it has closed the sale of 742 and 746 Alexander Rd., a two-building office complex totaling nearly 110,000 square feet in West Windsor, New Jersey.
JLL represented the seller, Princeton Insurance Company, and procured the buyer, Strategic Funding Alternatives, LLC (SFA).
742 and 746 Alexander Rd. is located within the prestigious Princeton office market, which is home to numerous major corporations and pharmaceutical companies. The properties served as the corporate headquarters of Princeton Insurance Companies from the 1980’s until just recently, when Princeton decided to relocate to a nearby property. The three-story 742 Alexander Rd. property consists of approximately 50,000 square feet. 746 Alexander Rd. is a two-story, approximately 60,000 square-foot building. On-site tenant amenities and features currently include a cafeteria, fitness center and atrium lobby.
JLL’s team representing the seller was led by Senior Managing Directors Kevin O’Hearn and Jose Cruz, Managing Director Thomas Romano and Managing Directors Michael Oliver and Steve Simonelli.
“Princeton Insurance is a long-time client, and we’re thrilled to not only handle the disposition of their property, but also the relocation of their Princeton office,” Romano said.
“The Alexander Rd. properties presented a tremendous value add and renovation opportunity for an investor,” O’Hearn added. “SFA owns similar properties in the region and was attracted to the prime location and flexible floor plates that can accommodate a wide variety of renovation strategies.”
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Princeton Insurance Company
Princeton Insurance Company is New Jersey’s leading healthcare liability insurer, continually protecting the assets and reputations of the New Jersey healthcare community since 1976. For more information, please visit: princetoninsurance.com.
About Strategic Funding Alternatives, LLC
Strategic Funding Alternatives, LLC (SFA) is a privately held commercial real estate investment firm located in Moorestown, NJ. Founded in 2016, SFA has become one of the fastest growing firms in the South Jersey market with 20 properties and 1,400,000+- square feet. The company’s investment division raises and places equity in undervalued commercial office complexes, optimizing performance through acquisitions and value-add capital improvement opportunities and providing investors with discretion over individual assets, regular quarterly income and long-term capital appreciation. For its commercial portfolio, SFA offers full-service property management, including leasing, construction, and comprehensive tenant-related services. SFA embraces its corporate social responsibility and the firm actively supports many local, regional, and national organizations. For more information, visit sfarealestate.com or call (856) 437-6196.