Windsor Corporate Center at 50 Millstone Road in East Windsor — Courtesy: Strategic Funding Alternatives LLC
By Joshua Burd
A private investment firm has made its entrance to the Mercer County submarket, acquiring a four-building, 291,550-square-foot office campus in East Windsor for more than $26 million.
The Moorestown-based firm, Strategic Funding Alternatives LLC, announced that it has closed on its purchase of Windsor Corporate Center at 50 Millstone Road. The buyer now plans to add new amenities and make other improvements to the 39-acre complex, which it said is about 65 percent occupied with a mix of national and international companies.
“It has certainly been a long few months but we are so excited to be entering the Princeton/Mercer County market with this new acquisition,” said Jeffery Schneider, SFA’s managing principal. “WCC is a beautiful campus with plenty of space, abundant parking and flexible office configurations — perfect for those companies who may have distribution facilities nearby but want Class A corporate offices.”
CBRE’s Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Gene Pride, Stuart MacKenzie and Zach McHale worked with the leasing colleagues Adam Englander and Carolyn Sica on behalf of the seller, Raith Capital, while also procuring the buyer. In a separate news release Thursday, the firm said the building sold for $26.24 million.
“We appreciate the perseverance and cooperation of both the seller and the buyer in completing this transaction in the midst of the pandemic,” said Dunne, a vice chairman at CBRE. “We were able to work with both parties to get this deal over the finish line and look forward to working with both again.”
CBRE added that Raith Capital invested more than $3 million while in ownership of the building, which led to raising the occupancy from 41 percent to roughly 70 percent.
“SFA has grown their portfolio significantly in the southern part of New Jersey and we expect them to continue to grow further north,” Neuer said. “We are always happy to welcome new buyers to our markets.”
In a news release, SFA touted the site’s easy access to the New Jersey Turnpike, Interstate 295 and other major roadways. The property is also minutes from the Princeton Junction train station and close to many of the area’s large industrial parks.
Existing building amenities include a full-service cafeteria, auditorium, fitness center and on-site storage with recent exterior and interior capital improvements.
“We see this property as a strong addition to our portfolio and will be aggressively leasing the available space to multiple prospects,” Schneider said.