CBRE today announced that CBRE Institutional Properties represented an institutional seller in the sale of 100 and 101 Thanet Circle in Princeton, New Jersey to The KABR Group. Capping a year that featured some of the marquee sales in New Jersey including Park 80 in Saddle Brook and Country Club Plaza in Paramus, Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale represented the seller and procured the buyer.
Located in the heart of Princeton, Thanet Circle is a two-building complex totaling 110,000 square feet that will be repositioned by the buyer, consistent with other acquisitions by KABR. Sitting on over 15-acres at the end of a cul-de-sac, the buildings are less than two miles from Downtown Princeton and Princeton University, offering easy access to the highly educated workforce in the area, as well as countless local amenities.
The KABR Group has had remarkable success with repositioning distressed assets, specifically with CBRE. For example, both Justin Corporate Center in Manalapan, New Jersey – where CBRE served as the leasing agent and represented KABR in the sale of 200 Route 9 North, and 3 ADP Boulevard in Roseland – where CBRE represented KABR on the purchase and in the leasing – were KABR/CBRE transactions.
“We continue to enjoy a great relationship with KABR,” said Mr. Dunne. “The buyer and seller achieved their goals in this transaction and we look forward to working with both parties again in the near future.”
“Value-add deals have become more difficult to find in our market, especially in strong submarkets,” added Mr. Neuer. “KABR was aggressive in their pursuit of this opportunity and we anticipate similar success to their other projects that we have been involved with.”
CBRE Institutional Properties has a number of attractive investment opportunities on the market including: The Offices at Crystal Lake, a 93% leased, 106,345± square foot Class A office building in West Orange, New Jersey; a 41,988± square foot fully leased Trader Joe’s and HomeSense retail center directly fronting Route 17 in Paramus, New Jersey; a 67,449± square foot net leased Stop & Shop in Morris Plains, New Jersey; a high volume, net leased Home Depot in Lodi, New Jersey; and 100 Hamilton Plaza, a 182,441± square foot Class A office building in Paterson, New Jersey.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About KABR Group
The KABR Group is a vertically integrated private equity real estate firm responsible for the investment, management, and development of commercial real estate. In 2008, KABR was founded by Kenneth Pasternak, Laurence Rappaport, and Adam Altman as a response to the existing real estate crisis, and has evolved into a multi-strategy firm that effectively invests across the following themes: valueadded, opportunistic, distressed debt, special situations, and development. As of Q2 2017, KABR has raised and deployed, on a fully-discretionary basis, over $225 million, 50% of which has been contributed by the principals of KABR. KABR has managed the purchase of 89 assets, the sale of 30 assets, and the participation in 45 joint ventures. More specifically, KABR has acquired over three million square feet of development rights, four million square feet of office and industrial space, and 2,400 multifamily units.
