742 and 746 Alexander Road in West Windsor — Courtesy: JLL
By Joshua Burd
An investment firm has continued its northward expansion in the state with its purchase of a two-building, 110,000-square-foot office complex in the Princeton submarket.
According to JLL, which brokered the transaction, Strategic Funding Alternatives LLC acquired 742 and 746 Alexander Road in West Windsor from Princeton Insurance Co. The first building is home to 50,000 square feet over three floors, while the second is a two-story, 60,000-square-foot structure.
JLL senior managing directors Kevin O’Hearn and Jose Cruz, Managing Director Thomas Romano and managing directors Michael Oliver and Steve Simonelli led the team representing the seller. Terms were not disclosed.
“Princeton Insurance is a longtime client, and we’re thrilled to not only handle the disposition of their property, but also the relocation of their Princeton office,” Romano said.
JLL noted that the properties, located just off Route 1, had served as the seller’s corporate headquarters since the 1980s, before the company opted to relocate to a nearby building. The buyer, which is based in Moorestown, has moved into Central New Jersey recently as it expands beyond its South Jersey office portfolio.
On-site amenities at 742 and 746 Alexander Road include a cafeteria, a fitness center and an atrium lobby.
“The Alexander Road properties presented a tremendous value-add and renovation opportunity for an investor,” O’Hearn said. “SFA owns similar properties in the region and was attracted to the prime location and flexible floor plates that can accommodate a wide variety of renovation strategies.”