Princeton Place at Hopewell includes 1700, 1750 and 1800 American Blvd. in Hopewell — Courtesy: The Birch Group
By Joshua Burd
The Birch Group and Lionstone Capital LLC have purchased a nearly 310,000-square-foot office portfolio in Hopewell Township for $70 million, the firms announced Tuesday.
Located just north of Interstate 295, the Princeton Place at Hopewell property includes 1700, 1750 and 1800 American Blvd. and is home to tenants such as Merrill Lynch, Horizon Blue Cross Blue Shield of New Jersey and Janssen Pharmaceuticals. It is 96 percent leased overall, providing the buyers with a stable, high-end office asset some 10 miles from downtown Princeton.
Birch and Lionstone purchased the 307,510-square-foot portfolio from an undisclosed seller, which was represented by Cushman & Wakefield.
“The Princeton submarket remains extremely attractive for us, in part due to its ability to draw from a deep and highly educated labor pool and accessibility to major metros including New York City and Philadelphia,” said Mark Meisner, president and founder of The Birch Group. “With strong tenancy in place at these properties, we see this as a solid opportunity with tremendous upside that allows us to further execute on our strategy of building our portfolio of top-tier and high-performing assets in excellent locations.”
The deal follows Birch’s acquisition late last year of 600 and 700 Alexander Park in West Windsor, as it builds its footprint in the Princeton area and the other top suburban office submarkets. Princeton Place at Hopewell offers structured parking, efficient wind-driven electricity, multiple cafeterias and a high-end fitness center with instructor-led classes, Birch said, along with an indoor basketball court and an atrium overlooking a 30-foot-high view of greenery.
The buildings are also set along a central plaza with water features, a pedestrian concourse and outdoor dining areas, according to a news release. Adjacent to the property is the site of a proposed medical development that will feature a 500-unit continuing care retirement community, along with a planned development directly across Scotch Road that will include 2,100 residential units, a new shopping center and gas station.
“As we continue to grow our portfolio of top assets, we are always looking for strategic opportunities where we can add value and Princeton Place at Hopewell was a perfect fit,” said Scott Katz, principal of Manhattan-based Lionstone Capital. “Much like The Birch Group, we focus on the success of each of our properties and our similar approach — along with the strength and stability of this asset — were some of the key factors that led to this partnership.”
Princeton Place at Hopewell is just off of a four-way interchange at Exit 3A of Interstate 295 and minutes from Route 1.
“The Route 1 corridor is known not only for its corporate and pharmaceutical (and) biotech presence and highly educated workforce, but also as one of the strongest retail corridors in the state,” said Chris DeLorenzo, executive vice president of The Birch Group. “This represents a unique opportunity for us to capitalize on fully amenitized properties that are set within one of New Jersey’s highest-quality campuses.”
Birch Group buys Princeton-area office buildings for $47 million, expanding portfolio
