100 and 101 Thanet Circle in Princeton — Courtesy: CBRE
By Joshua Burd
A developer has acquired a two-building, 110,000-square-foot office complex in Princeton with plans to repurpose the site into more than 300 apartments, brokers with CBRE announced.
The seller, The KABR Group, completed the deal nearly three years after purchasing the property at 100 and 101 Thanet Circle, according to a news release. With the sale to AvalonBay Communities Inc., the property is now slated to become 221 apartments and an 80-unit, affordably priced senior rental community.
CBRE’s Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale represented the seller and procured the buyer.
“We continue to enjoy a great relationship with KABR and AvalonBay,” said Dunne, a vice chairman with CBRE. “The buyer and seller achieved their goals in this transaction, and we look forward to working with both parties again in the near future.”
The brokerage team noted that the property, which sits on more than 15 acres at the end of a cul-de-sac, is within walking distance of the Princeton Shopping Center and less than two miles from downtown Princeton and Princeton University. AvalonBay’s plans call for a mix of living options, including a four-story apartment building with an elevator, three-story walk-up buildings and luxury rental townhomes.
“The transaction was smooth from beginning to end and all parties were a pleasure to work with,” said Adam Altman, managing member of The KABR Group.
KABR bought the property in 2018 and shortly thereafter executed a sales contract with AvalonBay, providing it with the necessary time to design the development and secure approvals, the news release said. The development will follow AvalonBay’s 2016 completion of Avalon Princeton, which brought some 280 apartments to the former Princeton Hospital site on Witherspoon Street, just minutes from the municipality’s historic downtown.
The real estate investment trust is also spearheading a sweeping, mixed-use redevelopment project at the Princeton Junction train station in West Windsor.
“This is a great outcome for not only the buyer and seller, but more importantly, the community,” said Neuer, an executive vice president with CBRE. “At the outset, we knew introducing AvalonBay to the project would be a win-win for all parties involved.”
AvalonBay’s plans in Princeton Junction plans call for 535 multifamily units, 135 senior housing apartments, 48 condominiums, 150 for-sale townhomes and roughly 21,000 square feet of retail space along a centrally located promenade.
“AvalonBay is tremendously excited to begin construction on yet another high-quality multifamily rental community within Mercer County and to expand our existing presence in the fantastic town of Princeton,” said Matt Giammanco, senior director of development with AvalonBay. “The new community will add a diverse array of housing options to the Princeton area in a pedestrian and bike-friendly location, and demonstrates our belief in the continued strength and vibrancy of Princeton.”