Month: October 2024

Sab Russo, President of Princeton Property Partners (aka Mercer Oak Realty) announced that his team had secured 4,000 sf of space at 15 Exchange on the Jersey City Waterfront for  Essential Properties Realty Trust (EPRT), a publicly traded REIT on the New York Stock Exchange.  

The 11 story, 136,000 sf office building boasts spectacular, unobstructed views of the Hudson River and Manhattan skyline.  Access to mass transit is unmatched with the Exchange Place PATH station and Hudson-Bergen Light Rail immediately across the street.   

“EPRT is headquartered in Princeton, but required a satellite office in Jersey City to allow easy access to financial markets and to recruit talent from the North Jersey and NYC ” said Russo.  

“David Elkouby, Managing Partner for the Landlord, American Equity Partners, is hands-on and has a great team in place” said Russo .  Mike Pietrowicz and David Stifelman of JLL represented the Landlord.

This is the second transaction that PPP has negotiated for EPRT; the first being a long term lease for  its 14,000 sf headquarters at 902 Carnegie Center in Princeton.     

Sab Russo and Krista Weaver represented Essential Properties.  

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.

Sab Russo, President of Princeton Property Partners (PPP) announced today that Princeton Eye Group has closed on 950 Hamilton St in Somerset for an undisclosed price.  With offices in Monroe, North Brunswick, and Princeton, Princeton Eye Group (PEG) is the largest and most reputable Ophthalmology and Optometry practice in the region.  The practice will relocate from its current location on Easton Avenue in 4Q 2025. 

“This free standing, two story building met all of PEG’s criteria: visible and easily accessible location for existing patients, on-site ample parking for patients and staff, back-up power, all new mechanical, plumbing and electrical systems”  said Russo, “the previous tenant (a dialysis company) had spent considerable dollars to completely retrofit the building inside and out but never occupied the building”.  

Managing Partner of PEG, Dave Reynolds commented “we could not be happier with the acquisition of 950 Hamilton St.  This property will allow our firm to expand its presence and market share in the growing New Brunswick/Somerset County market.”    

Including a 12,000 sf long term lease in Monroe in 2020, this is the second transaction PPP has completed for Princeton Eye Group.  

Robert Ryan and Shawn Straka of CBRE represented the Seller.  

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.

Sab Russo, President of Princeton Property Partners, and CFO Spencer Page announced today that Specialty Insurance Agency has signed a long term lease for 12,554 sf at Monmouth Shores Corporate Park in Wall Twp. 

“1350 Campus Parkway was an exceptional value for our client.” said Russo.  “Specialty has been located in neighboring Brick Twp for 20 years and the building it occupies had essentially filled up with medical tenants over the years, making parking extremely challenging for employees and expansion impossible”.  

“The space leased by Specialty Insurance at 1350 was previously occupied by Meridian Health and contained many of the floor plan features desired by Specialty” explained Russo.  “We were able to reuse most of the existing improvements and construct a beautiful and functional space with no out of pocket expense by the tenant.”  

“The listing brokerage team of Steve Richel and Mike Jensen of Richel Commercial, and the Building Owners, Monmouth Shores Park Realty,  were very responsive and easy to work with” added Page.   

Specialty will be moving into its new quarters in October.   

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.