Author: Tom McManimon

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.

Princeton Property Partners (PPP) has advised client GALA Farms (GALA) in the sale of a 101 acre parcel of farmland on Route 77 in Upper Pittsgrove, NJ.  Formerly a peach orchard and blackberry vineyard, the land will be cleared for the new owner to farm ground crops.  “I managed the picking crew in these orchards when I was a college student” said Aubrey Haines, CEO of PPP who represented the sellers.  “After several decades it was time to rotate this land into a new crop but it will be sad to see these trees be bulldozed”. 

GALA and its affiliate Larchmont Farms have been farming in New Jersey since the 1680’s.  The combined operation is one of the largest agricultural businesses in the State and consistently produce 50% of the peach/ nectarine crop in New Jersey.

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.

Princeton Property Partners has advised client Mercer Street Friends in the acquisition of a new 42,000 square foot building that will house its growing warehouse needs and provide expanded space for its headquarters staff.  

Mercer Street Friends is a Quaker affiliated, social service nonprofit that helps to lead the battle against food insecurity in Mercer County. It is part of the nationwide Feeding America network of Food Banks and the only one in New Jersey that did not own its warehouse facility. Through the pandemic it became apparent that Mercer Street Friends needed more space than its leased warehouse of 25,000 square feet could provide.

Mercer Street Friends retained Princeton Property Partners in 2022 to seek out properties that could satisfy its expansion needs.  Several development sites as well as existing buildings were identified and examined to determine the potential cost and completion schedule.  Princeton Property Partners worked with Mercer Street Friends, its architects and legal representatives to provide due diligence on each of the properties.  The zoning, physical condition, configuration and mechanical, electrical and plumbing systems were all examined and Princeton Property Partners negotiated with the property owners to obtain the best price and terms on behalf of Mercer Street Friends.

Ultimately, 3 Graphics Drive was selected as the ideal location and building for Mercer Street Friends’ needs.  “We couldn’t have found a better property for our growing needs” said Bernie Flynn, CEO of Mercer Street Friends.  James “Butter” Allen added: “I needed more space – both floor space and headroom – to make the operation function in an optimal way.  This facility is the perfect solution to our needs”.  “We were honored to be a part of a really special team and created relationships that I expect will last the rest of my life.  I am proud to be part of the Mercer Street family” said Aubrey Haines, CEO of Princeton Property Partners .  Zac Anglin, Director at Princeton Property Partners added, “Bernie, Butter and the Mercer Street Friends team really understood what they wanted and were great to work with”.

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.

Princeton Property Partners (PPP) has advised client GALA Farms (GALA) in the sale of a 70 acre parcel of farmland in Upper Pittsgrove, NJ (near the town of Elmer).  Formerly a peach orchard, the land will be cleared for the new owner to farm ground crops.  “PPP has been our broker for decades.  They understand what we need to achieve and have consistently delivered” says GALA Partner Charles Haines.  “We achieved our pricing target and it was a very smooth transaction” added Partner Tom Dunn.  “Over the years, PPP has helped us purchase land as well as selling it.  Every generation we need to roll over into fresh peach ground to maintain our highly productive orchards.” 

GALA and its affiliate Larchmont Farms have been farming in New Jersey since the 1680’s.  The combined operation is one of the largest agricultural businesses in the State and consistently produce 50% of the peach/ nectarine crop in New Jersey.

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.

Princeton Property Partners has obtained Site Plan Approval for a new multi-family/ mixed-use property in Downtown Princeton.  The Princeton Planning Board has unanimously approved an application for development of 19 apartments and 1,400 square feet of office space at 60 North Tulane Street in Downtown Princeton.   The property is two blocks from Nassau Street, the main street in Princeton and is less than a 5 minute walk to the Campus of Princeton University.

Designed as a luxury apartment building, every one of the units has a spacious outdoor balcony.  Three apartments on the top floor have a very large outdoor terrace.  The building will feature a green roof and efficient appliances and HVAC units.  On the ground floor, tenants will enjoy an exclusive multi-purpose space with an adjacent outdoor patio, indoor bike storage, Amazon boxes for deliveries and charging stations for both electric bikes and cars.

All the apartments will have a finely appointed kitchen as well as one or more luxury bathrooms.  The brand-new building will provide elevator service to all apartments and will have a 14 car garage at street level.  Princeton Property Partners will commence construction of 60 North Tulane Street in 2024 and expects to enable tenants to begin occupancy in early 2025.

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.

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 2^nd and 3^rd 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.

Princeton Property Partners (PPP) has advised client Adare Pharmaceuticals in the renewal of a its 11,000 square foot lease at Princeton Pike Corporate Center in Lawrenceville, NJ.  PPP negotiated the company’s initial lease at the building back in 2015.

“PPP was great.  They really understood our needs and helped us to get the best possible deal at a time when the market was extremely difficult” said Adare CEO John Fraher.   “I have dealt with a number of brokers in my career and Princeton Property Partners was, by far, the best”.

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.