Behringer Harvard REIT I Inc. recently purchased two office buildings totaling 97,447 square feet in Princeton, N.J.
The value of the transaction was not disclosed.
The purchase consists of two three-story buildings at 600 and 619 Alexander Road that were built in 1983 and 1985, respectively, and are situated on a 6.6-acre site in south Princeton. At the time of sale, the buildings were 98 percent leased to major tenants that included Sovereign Bank; Nassau Broadcasting, a radio broadcasting company; and Wells Fargo Bank.
“With its strong rent roll and close proximity to Princeton University, we expect these stabilized properties to provide predictable cash flow for our REIT investors,” said Robert M. Behringer, chairman and CEO of Behringer Harvard. “The Princeton office market has consistently outperformed surrounding markets in central New Jersey in terms of occupancy and rental rates over the past two years.”
Behringer Harvard is an investment company that offers a diverse selection of real estate funds reflecting core, value-added and opportunistic investment strategies.