225 Phillips Blvd. in Ewing — Courtesy: CBRE
By Joshua Burd
Educational Testing Service has sold a 310,000-square-foot office and industrial building in Ewing for nearly $19 million, brokers with CBRE announced Tuesday.
According to the investment sales team, the testing company will lease back the space at 225 Phillips Blvd. on a short-term basis. That will allow the undisclosed buyer to begin marketing the site, originally a build-to-suit for ETS, in advance of it becoming available.
“This building is truly one-of-one in the market given its mix of office and warehouse space,” said Jeffrey Dunne, a vice chairman with CBRE. “ETS maintained the building in an immaculate state and the quality of both the initial construction and the additional capital invested recently helped drive interest during the marketing process.”
Dunne represented the seller alongside Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE’s Institutional Properties group, in partnership with the firm’s Matthew Saker and Alec Monaghan. They noted that the property, which sold for $18.75 million, comprises 165,000 square feet of what is currently office space and 145,000 square feet of warehouse and print space.
“The buyer immediately saw the value in the building and the existing infrastructure,” said Neuer, an executive vice president with CBRE. “ETS recently upgraded the building common areas and added a full-building generator to provide uninterrupted power throughout.”