3500 Route 1 in West Windsor — Courtesy: NAI Fennelly
By Joshua Burd
A developer has purchased 10 acres along Route 1 in West Windsor, where it now plans to build retail space and an extended stay hotel.
Brokerage firm NAI Fennelly announced the deal Thursday after representing Dr. Greg Olsen, a technology entrepreneur and astronaut, in his sale of the parcel at 3500 Route 1. The property sits adjacent to the home of Sensors Unlimited, a firm that Olsen founded in 2001 and sold four years later, and was once slated to provide expansion space for the company.
The buyer, Hix Snedeker Cos., paid $3.2 million for the tract.
“Although New Jersey’s shortage of developable land provides owners hoping to sell with the upper hand in negotiations, the fierce competition from sellers can often make the marketing and sales process challenging to navigate,” NAI Fennelly President Jerry Fennelly said in a prepared statement. “In a market like this, it is vital to work with local market experts who truly understand the fair market value of sellers’ assets and have the deep roster of contacts needed to ensure they receive it.”
According to Fennelly, Snedeker is now looking to expand its roughly 5.3 million-square-foot portfolio. Its plans for the lot, which sits west of Meadow Road on the highway’s southbound side, include a Tractor Supply store and the extended stay hotel.
Fennelly also noted that Olsen, who now leads an angel investment firm in the area, was the third private citizen to orbit the Earth after joining the Yuri Gagarin Cosmonaut Training Center in Moscow, Russia.