100 and 101 Thanet Circle in Princeton — Courtesy: CBRE
By Joshua Burd
The KABR Group has acquired a two-building, 110,000-square-foot office complex in Princeton, CBRE announced, touting the buyer’s plans to reposition the property.
The real estate services firm said Monday that it represented an institutional seller in the sale of 100 and 101 Thanet Circle, which sits off Route 206 and two miles from downtown Princeton. KABR purchased the property for an undisclosed price.
Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE’s institutional properties group represented the seller and procured the buyer.
“We continue to enjoy a great relationship with KABR,” Dunne said. “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 cited KABR’s track record of repositioning distressed while working with its own specialists. For instance, CBRE served as the leasing agent and represented KABR in the sale of 200 Route 9 North in Manalapan, while in Roseland, the real estate services firm represented KABR in the purchase and leasing of 3 ADP Blvd. in Roseland.
With the KABR’s latest deal, it has acquired a 15-acre property minutes from Princeton University that offers easy access to the area’s highly educated workforce.
“Value-add deals have become more difficult to find in our market, especially in strong submarkets,” Neuer said. “KABR was aggressive in their pursuit of this opportunity and we anticipate similar success to their other projects that we have been involved with.”
