Strategic Funding Buys Princeton Office Asset

150 College Road W. Image courtesy of JLL

Strategic Funding Alternatives has purchased 150 College Road W., a 71,550-square-foot office building in Princeton, N.J. Nessel Development sold the asset for $12.7 million, with the assistance of JLL. The company had acquired the property back in 2020 for $10.6 million, according to CommercialEdge information.

Completed in 2001 and renovated in 2014, the three-story building features an on-site conference center and passenger elevators. The office property was 69 percent leased at the time of sale to a diverse mix of tenants.

The building sits on a 7.6-acre site located along Route 1, which is the primary retail and office corridor in the submarket. Princeton University is less than 1 mile away.

JLL Senior Managing Directors Jeremy Neuer, Jose Cruz and Kevin O’Hearn, together with Managing Director Tom Romano and Associate Alexander Alfier, led the Investment Sales and Advisory team representing the seller. Neuer, Cruz, O’Hearn and Romano were also instrumental in the recent sale of a 100,925-square-foot office building in Lawrenceville, N.J.

CommercialEdge data shows that more than 6.2 million square feet of office space have changed hands in New Jersey year-to-date as of May. The largest transaction involved a three-building, 1.9 million-square-foot office campus in Jersey City that sold for $420 million.