Princeton Pike Office Park in Lawrenceville — Courtesy: Reynolds Asset Management
By Joshua Burd
A partnership led by Reynolds Asset Management has secured a $16 million loan to refinance the Princeton Pike Office Park in Lawrence Township, where it’s planning a major redevelopment that will bring new housing, retail space and other amenities to the site.
According to the developer, which purchased the six-building campus in 2022, Northwest Bank provided the debt to refinance the original acquisition loan over a five-year term with a 6.6 percent fixed rate. The deal follows a series of upgrades and a plan to stabilize what was a largely vacant park at 3131 Princeton Pike in the town’s Lawrenceville section, in which Reynolds consolidated tenants into three of the buildings to help pave the way for its redevelopment plan.
Reynolds Asset Management’s partner in the project is Capital Solutions.
“Working closely with Lawrence Township, our partners and the property’s existing tenants over the past two years, we’re proud to have improved the property and increased occupancy, leading to the successful stabilization of the property,” said Lou Reynolds, founder and CEO of the Paramus-based firm. “Central to Reynolds Asset Management’s mission is investing in communities and this project is a great example of how we’re doing just that here in Lawrenceville.”
Reynolds noted that Princeton Pike was roughly 50 percent vacant at the time of its April 2022 acquisition. It worked in tandem with Newmark to relocate, consolidate and sign renewals and expansions of existing tenants while renovating the three buildings with new flooring, ceilings, walkways, bathrooms, interior and exterior LED lighting, exterior paint and signage.
In addition, the firm repaired the office buildings’ parking lots and updated landscaping, according to a news release. Those efforts boosted occupancy at the three buildings to more than 95 percent.
“Having worked with Reynolds on the acquisition loan, we immediately saw the team’s dedication to the revitalization of the site,” said Abe Ibrahim, commercial banking executive at Northwest Bank. “We share in their vision of creating a welcoming, sought-after office space and one that will attract new tenants in the years to come.”
Reynolds noted that, in 2023, the Lawrence Township council deemed the office park in need of redevelopment. The stabilization of the office park property and refinancing is a key step in redeveloping the entire site, where the vacant buildings will now be reimagined into a mixed-use community known as CANVAS with a retail promenade of restaurants and community-centric options, as well as residential units.
The full redevelopment of the property is expected to be completed in 2026.
“Reynolds’ unparalleled expertise and professionalism made for a smooth relocation process for the property’s existing office tenants,” said Rob Loderstedt, managing director in Newmark’s East Brunswick, who executed new leases and tenant activity. “As Reynolds continues to breathe new life into this development, we’re excited to further our collaboration, and bring in new tenants to the site.”
Reynolds, Capital Solutions acquire 260,000 sq. ft. office campus west of Princeton
