By Joshua Burd
An investment group has acquired a 31-acre site in Mercer County that was once slated for a new hospital, but is now on track to become a 350,000-square-foot industrial development.
Brokers with Simone Realty Inc. announced that Capital Health Systems Inc. has completed the sale of the property, located at 10 Princess Road in Lawrenceville, to a joint venture of Penwood Select Industrial Partners and Metrix. Located near Route 1 and Interstate 95, the industrial-zoned property traded for $9.1 million.
Robert D. Loverro of Simone Realty and Jeffrey Furey of Transwestern brokered the sale. According to Simone Realty, Capital Health had initially acquired the site in anticipation of building a new regional medical center, but opted to sell the parcel after instead choosing to build the new facility in Hopewell.
Penwood is now slated to begin construction on the new industrial building next month, Simone Realty said. The firm is projected to complete the development during the second half of 2020.
“Penwood was the right buyer for this property,” said Loverro, a senior managing director with Lawrenceville-based Simone. “They did everything they said they would do and closed the transaction ahead of schedule. You can’t ask for a better counterparty than that.”