June 16, 2021
Princeton Property Partners Affiliate Acquires 172 Nassau Street in Downtown Princeton, NJ
An affiliate of Princeton Property Partners (PPP) has acquired a 100 year-old mixed-use property on Nassau Street in Princeton. Prior to the acquisition, PPP was able to complete a lease extension with CVS Pharmacy through 2034. PPP also plans to add value via a complete renovation of the 2nd and 3rd floor apartments. “This property is an ideal candidate to move upmarket”, said PPP CEO Aubrey Haines. “Many University affiliated graduate students, researchers and fellows want high-quality off-campus housing and it is our intention to provide beautiful living options for them”.
“The average professor or advanced degree candidate wants to be able to walk to their office or lab. 172 Nassau Street is about a 2 minute walk to the Engineering School and is in really close proximity to almost any part of the University”, said Spencer Page, CFO/ COO of PPP. “It also is within a 10 minute walk to about 25 different restaurants, bars and cafes.”
172 Nassau Street is a 16,000 square foot building with an Art Deco façade. CVS occupies the whole first floor and the apartments are above. There are laundry facilities on each floor and a large municipal parking lot behind the building. Since the original posting of this article, the renovation work has been completed and all the apartments have been occupied.
About Princeton Property Partners:
Princeton Property Partners (PPP) is a vertically integrated, Princeton-focused commercial real estate family of companies. Established in 2001, the firm is led by partners Aubrey Haines, Sab Russo and Spencer Page. Service lines include Development & Investment, Commercial Brokerage, Consulting, Advisory Services and Property & Construction Management. PPP consistently ranks as one of the top development firms in Princeton. Its commercial brokerage operation is also #1 or #2 in the market based on transaction value and square footage leased/sold. The firm has over 500,000 sf under management, making PPP one of the largest third-party property managers in the Princeton Market.
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