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Author: Asenka

Planted Plate Vegan Restaurant Opens in Princeton, NJ

Written by Asenka on . Posted in Announcements, Around Central New Jersey, News, Uncategorized.

Princeton Property Partners, owner of several commercial properties in downtown Princeton announces the opening of Planted Plate vegan restaurant at its 15 Spring Street property.  Princeton Property Partners’ affiliate Mercer Oak Realty negotiated the 2,221 sf lease.

Planted Plate is the first vegan restaurant to open in Princeton and it has been enjoying robust demand in its first month in operation.  Owner and chef Omer Basatemur said: “With the University population, Princeton is an ideal location for our business to thrive.  We have a dining-in as well as pick-up and delivery service.”

Aubrey Haines, Managing Partner of Princeton Property Partners said: “Omer is a first-class operator and owner.  This is his third store and he knows this business and how to succeed.  We are very excited to have Planted Plate as a tenant in our Princeton Portfolio”.

Sab Russo, President of Mercer Oak Realty said: “We enjoyed working with Omer to complete the lease negotiations for this full-floor tenant.  15 Spring Street is now 100% leased.”

Spencer Page, COO of Princeton Property Management said: “The construction work to get Planted Plate into the building was not extensive but it was technically challenging.  Work included installing a kitchen, with a hood and all cooking and refrigeration appliances into a space that was previously a spice shop.  With grit and determination, we were able to help Omer get the work completed.”  In addition to providing construction management services, Princeton Property Management manages the property.

Princeton Property Partners purchased the 15 Spring Street property in 2011 and leased the 2nd floor to engineering company Stonefield Design in 2017.

About Princeton Property Partners, LLC:

Princeton Property Partners, LLC is a Commercial Real Estate Advisory firm that manages a portfolio of mixed-use properties in the Princeton, NJ market.  PPP has grown assets under management by over 300% in the past 3 years.

About Mercer Oak Realty, LLC:

Mercer Oak Realty, LLC is a Commercial Real Estate Brokerage firm serving the Princeton, NJ market since 2001. Mercer Oak Realty helps clients reach their goals through sophisticated and intelligent real estate decision making by applying a deep understanding of the market and keen negotiating skills.

About Princeton Property Management, LLC:

Princeton Property Management, LLC is a Commercial Real Estate Management firm that manages buildings and construction work for the PPP Portfolio as well as third party clients.  PPM currently manages over 400,000 sf of space in the greater Princeton market.

Mercer Oak Realty Negotiates 195,000 SF Long Term Warehouse Lease with the State of New Jersey

Written by Asenka on . Posted in Announcements, Around Central New Jersey, Clients, MOR, News.

Mercer Oak Realty, LLC announced today that site work has commenced on a 195,000 sf warehouse/storage building at 380 Scotch Rd in Ewing, NJ.

The new building will consolidate various State Departments warehousing needs currently scattered around Mercer County.

The Development Team includes TG & Associates (Developer), Bernardon (Architecture and Design), Maser Consulting (Civil Engineer), Warfel Construction (GC), Princeton Property Management (Project Management), Mercer Oak Realty (Brokerage).

Completion is slated for 3Q 2021.  Terms of the long term lease were not disclosed.

About Mercer Oak Realty, LLC:

Mercer Oak Realty is part of a vertically integrated, Princeton-focused commercial real estate services family of companies. Established in 2001, the firm is led by partners Aubrey Haines, Sab Russo and Spencer Page.  Service lines include Commercial Brokerage, Consulting, Development/Advisory Services and Property & Construction Management.  Mercer Oak consistently ranks as one of the top firms in Princeton based on transaction value and square footage leased/sold. Through Princeton Property Management, MOR’s affiliate, the firm has over 500,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.

Mercer Oak Realty represents Princeton Eye Group in 11,874 sf Lease

Written by Asenka on . Posted in Announcements, Around Central New Jersey, Clients, MOR, News.

Sab Russo, President of Mercer Oak Realty, LLC, announced today that Princeton Eye Group P.A. (PEG), has signed a long term lease for 11,874 sf at 298 Applegarth Rd in Monroe Twp.  With offices in Monroe, North Brunswick, Somerset and Princeton, PEG is the largest and most reputable Ophthalmology and Optometry practice in the region.  PEG’s service lines also include Wills Laser Vision and Eye Surgery Princeton.  The practice will relocate from 1600 Perrineville Rd in 1Q 2021.

“After being in our current space for over 30 years, the partners had a decision to make: either stay put and perform an expensive and inconvenient makeover, or relocate to a new, modern medical building” said Director of Eye Surgery, Dr. Dave Reynolds.  “Sab found the perfect space for our Monroe Office and negotiated incredible long term lease terms for our firm with most of the Tenant Improvements paid for by the Landlord!”

298 Applegarth is a state of the art medical building was developed by TAK Group of Clark, NJ and owned by Applegarth Realty, LLC.  The building is also home to Saint Peters Medical and DaVita Kidney Care.  Paul March of Newmark Knight Frank assisted in the transaction.

About Mercer Oak Realty, LLC:

Mercer Oak Realty is part of a vertically integrated, Princeton-focused commercial real estate services family of companies. Established in 2001, the firm is led by partners Aubrey Haines, Sab Russo and Spencer Page.  Service lines include Commercial Brokerage, Consulting, Development/Advisory Services and Property & Construction Management.  Mercer Oak consistently ranks as one of the top firms in Princeton based on transaction value and square footage leased/sold. Through Princeton Property Management, MOR’s affiliate, the firm has over 500,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.

Mercer Oak Realty Negotiates 30,000 SF Lab Sublease with CSPC in Ewing

Written by Asenka on . Posted in Announcements, Clients, News.

The third largest pharmaceutical company in China, CSPC, has consolidated several US operating divisions into 801 PrincetonSouth Corporate Center in Ewing, NJ.

Mercer Oak Realty and CBRE worked on behalf of CSPC to secure an 11-year sublease for 30,000 sf with DuPont, who was represented by JLL.

This Class A, 56,000 square foot biology lab building was originally constructed in 2009 by Opus Development for FMC and is located at PrincetonSouth Corporate Center at Route 31 and I-295 in Ewing.

The building features state-of-the-art biology lab infrastructure and became available after DuPont’s acquisition of FMC’s Biopolymer division.

 

About Mercer Oak Realty, LLC:

Mercer Oak Realty (MOR) is a vertically integrated, Princeton-focused commercial real estate services firm. Established in 2002, the firm is led by Aubrey Haines (20 years at Jackson Cross/Trammell Crow) and Sab Russo (20 years at CBRE). Service lines include Commercial Brokerage, Consulting and Development/Advisory Services. MOR consistently ranks as one of the top firms in Princeton market share in terms of transaction value and square footage leased/sold. Through Princeton Property Management, MOR’s affiliate, the firm has over 400,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.

Mercer Oak Realty Negotiates 3,969 SF Office Sublease with Frauscher Sensor Technology at Roszel Square in W. Windsor

Written by Asenka on . Posted in Announcements, Clients, News.

Frauscher Sensors Technology, the Austrian based Rail Services company, has signed a long-term sublease for 3,969 SF at 21 Roszel Rd, West Windsor, NJ.  Frauscher provides industry-leading wheel sensors and axle counters to monitor rail traffic for passenger, freight and mass transit applications.  Frauscher will relocate its North American Headquarters to 21 Roszel Rd in Carnegie Center and expects to occupy in September.

Mercer Oak Realty represented both Frauscher and the Sublessor to complete the transaction.

21 Roszel, a Class “A” 62,500 SF, three-story office building was constructed in 2015 by a partnership between Gottesman Real Estate Partners and Mountain Development as a build-to-suit for Hill Wallack, who has naming rights and occupies the top two floors.  21 Roszel is the first building of this approved two-building complex and boasts a fitness center and grab-and-go café.  Sister Building, 38,000 SF 19 Roszel Square, will feature a full-service cafeteria and rooftop terrace.

About Mercer Oak Realty, LLC:

Mercer Oak Realty (MOR) is a vertically integrated, Princeton-focused commercial real estate services firm. Established in 2002, the firm is led by Aubrey Haines (20 years at Jackson Cross/Trammell Crow) and Sab Russo (20 years at CBRE). Service lines include Commercial Brokerage, Consulting and Development/Advisory Services. MOR consistently ranks as one of the top firms in Princeton market share in terms of transaction value and square footage leased/sold. Through Princeton Property Management, MOR’s affiliate, the firm has over 400,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.

J. Knipper Company Extends Lease at 1009 Lenox Drive in Lawrenceville

Written by Asenka on . Posted in Announcements, Clients, News.

Sab Russo, President of Mercer Oak Realty, announced today that MOR, in conjunction with The Flynn Company of Philadelphia, has extended J. Knipper Company’s 23,000 sf lease at Princeton Pike Corporate Center.

Knipper Company is one of the largest pharmaceutical direct marketing and drug sampling firms in the US.

Mercer Oak Realty and Flynn represented Knipper in this long-term lease extension, while Newmark Knight Frank represented the Landlord.

 

About Mercer Oak Realty LLC:

Mercer Oak Realty (MOR) is a vertically integrated, Princeton-focused commercial real estate services firm. Established in 2002, the firm is led by Aubrey Haines (20 years at Jackson Cross/Trammell Crow) and Sab Russo (20 years at CBRE). Service lines include Commercial Brokerage, Consulting and Development/Advisory Services. MOR consistently ranks as one of the top firms in Princeton market share in terms of transaction value and square footage leased/sold. Through Princeton Property Management, its affiliate, the firm has over 400,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.

Mercer Oak Realty Negotiates 13,450 SF Lease with Essential Property Realty Trust

Written by Asenka on . Posted in Announcements, Clients, News, Uncategorized.

Mercer Oak Realty announced today that they negotiated a long-term lease for 13,450 SF on behalf of Essential Properties Realty Trust (NYSE: EPRT).  EPRT will relocate its Headquarters to 902 Carnegie Center in Princeton.  Sab Russo, President of Mercer Oak represented EPRT.  Peter Hedley of Hilton Realty represented the owner of 902 Carnegie.  This is the second lease transaction Russo has negotiated on behalf of EPRT.

This trophy building is considered the premier corporate address in the Princeton Market.  Essential Properties will occupy half of the top floor of 902 Carnegie Center, with breathtaking views of Princeton University.  Constructed in 2007, 902 Carnegie is a 150,000 SF, five-story building and is part of a 500,000 SF portfolio of Class A Office buildings owned and managed by Hilton Realty in the Princeton Market.

Essential Properties acquires, owns and manages primarily single-tenant properties leased to middle-market companies operating service-oriented and experience-based businesses.

About Mercer Oak Realty, LLC

Mercer Oak Realty (MOR) is a vertically integrated, Princeton-focused commercial real estate services firm. Established in 2002, the firm is led by Aubrey Haines (20 years at Jackson Cross/Trammell Crow) and Sab Russo (20 years at CBRE). Service lines include Commercial Brokerage, Consulting and Development/Advisory Services. MOR consistently ranks as one of the top firms in Princeton market share in terms of transaction value and square footage leased/sold. Through Princeton Property Management, its affiliate, the firm has over 400,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.

Mercer Oak Realty Represents Universal Display in 88,000 SF Purchase

Written by Asenka on . Posted in Announcements, Clients, MOR, News.

Sab Russo, President of Mercer Oak Realty, announced today that Universal Display Corporation (UDC) had acquired two single story office buildings to accommodate its expansion in Ewing, NJ.

UDC, the creator of OLEDs (Organic Light Emitting Diodes) used in newer flat screen TVs, cell phones, as well as cutting edge lighting applications, acquired the adjoining assets in two separate transactions.

Mercer Oak represented UDC and negotiated the sale of both 250 Phillips Blvd. in Ewing (40,000 sf), and 300 Phillips Blvd. (48,000 sf).  Steve Tolkach of Newmark Knight Frank represented the seller of 250 Phillips while Tom Romano of JLL represented 300 Phillips Blvd.

Mercer Oak Realty’s affiliate, Princeton Property Management, will manage the assets for UDC.

About Mercer Oak Realty LLC:

Mercer Oak Realty (MOR) is a vertically integrated, Princeton-focused commercial real estate services firm. Established in 2002, the firm is led by Aubrey Haines (20 years at Jackson Cross/Trammell Crow) and Sab Russo (20 years at CBRE). Service lines include Commercial Brokerage, Consulting and Development/Advisory Services. MOR consistently ranks as one of the top firms in Princeton market share in terms of transaction value and square footage leased/sold. Through MOR’s affiliate, Princeton Property Management, the firm has over 400,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.