11/6/2007

CBRE New York arranges sale of Princeton Commerce Center

by

Princeton Commerce Center

New York City-based Oestreicher Properties has acquired the Princeton Commerce Center in Princeton, N.J., for $13 million from Commerce Center.

Jeffrey Dunne, Jeffrey Oram and Kevin Welsh of the CB Richard Ellis New York Tri-State Region Institutional Group (NYTRIG) represented the seller in the transaction.

Located at 29 Emmons Drive, the office park contains 70,895 square feet. It was built in the 1970s on 8.57 acres. According to CBRE, the property has been renovated on an on-going basis since 1999. Current tenants include The Goddard School, a Princeton pre-school, and BioWa, a New Jersey-based biopharmaceutical company.

Dunne is the vice chairman of the NYTRIG, a 12-person team that specializes in New York and eastern second-tier cities. He was the Gale Company's Broker of the Year in 2002 and recently arranged the $14.3 million sale of the Holly Pond Plaza in Stamford, Conn.

Welsh is the senior vice president with the NYTRIG and is responsible for the New Jersey operation. He has completed 18 sales over the last 18 months totaling approximately $500 million.

Oram, an associate of the NYTRIG, is the former CIO and vice president of corporate real estate for TSR Wireless LLC. He works on all asset classes of real estate: office, multi-family, retail and industrial.

The three-man team also recently brokered the $19.05 million sale of the Cranberry Plaza in Parsippany, N.J.

Address: 29 Emmons Drive, Princeton, N.J.

Size: 70,895 square feet

Built: 1970s

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Filed Under: Office

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