By Joshua Burd
An investment group has reaped nearly $224 million from its sale of three Hopewell office buildings totaling more than 550,000 square feet.
Market reports say the seller, a joint venture of Capital Commercial Investments Inc. and Atalaya Capital Management LP, sold the portfolio at 1300, 1350 and 1400 American Blvd. to Northridge Capital and KAMCO Investments. The deal comes just under six years after Capital Commercial and Atalaya paid $148 million to buy the buildings, best known as the home of Merrill Lynch as part of a 12-building, 1.8 million-square-foot suburban campus that was built in 2000 for the financial services giant.
Firms involved in the most recent trade, which was valued at $223.5 million, did not immediately return requests for comment. Capital Commercial is an Austin, Texas-based firm, which lists the 553,841-square-foot portfolio on its website.
The transaction came during the third quarter, as did the trade of two neighboring buildings at 1700 and 1800 American Blvd. A joint venture of The Birch Group and Lionstone Capital purchased the 307,510-square-foot portfolio for $70 million.
Located just north of Interstate 295, the well-known Hopewell campus is some 10 miles from downtown Princeton. Several pieces of the property have changed hands in recent years, with Merrill Lynch continuing to have a significant presence at the site.
