2176 Route 206 in Montgomery — Courtesy: NAI James E. Hanson
By Joshua Burd
A local investor has purchased the site of a 10,000-square-foot daycare center building in Somerset County, according to a brokerage team with NAI James E. Hanson.
Located in Montgomery, the property at 2176 Route 206 is home to The Learning Experience and close to a host of employers, retail centers and affluent residents. The private buyer paid an undisclosed price for the property, with NAI Hanson’s Jonathan Kristofich and John Schilp representing both parties in the deal.
“Right now, a significant portion of the market’s above-average liquidity can be attributed to investors looking for opportunities to deploy capital from 1031 exchanges,” Kristofich said. “However, the current tightness of the market can often make it difficult for investors to find ideal opportunities to deploy capital and meet the timing requirements of the program.
“This transaction exemplifies how both 1031 exchange buyers and sellers hoping to capitalize on a red-hot real estate market can execute deals in an efficient and productive manner through working with a highly experienced broker.”
In a news release, NAI Hanson said the freestanding building sits on 1.63 acres. The property is located between Somerville and Princeton, in an area that’s marked by strong demographics and well-performing schools.
