CBRE recently announced the sale of 100 and 101 Thanet Circle (“Thanet Circle”) in Princeton, New Jersey, to AvalonBay Communities.
Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer, and Zach McHale of CBRE’s Institutional Properties Group represented the seller, The KABR Group, in the sale and were also responsible for obtaining the buyer.
Thanet Circle currently contains two office buildings totaling approximately 110,000 square feet on more than 15 acres at the end of a cul-de-sac. The property will be redeveloped by AvalonBay Communities into a rental apartment community with 221 residential units as well as an 80-unit, 100% affordable senior rental community. The future development will feature a four-story apartment building with an elevator, three-story walk-up buildings, and high-end luxury rental townhomes.
The KABR Group purchased the property in 2018 and subsequently executed a sales contract with AvalonBay Communities to allow them sufficient time to design the development and secure approvals.
“We continue to enjoy a great relationship with KABR and AvalonBay,” said Mr. Dunne. “The buyer and seller achieved their goals in this transaction, and we look forward to working with both parties again in the near future.”
“The transaction was smooth from beginning to end and all parties were a pleasure to work with,” said Adam Altman, Managing Member of The KABR Group.
“This is a great outcome for not only the buyer and seller, but more importantly, the community,” added Mr. Neuer. “At the outset, we knew introducing AvalonBay to the project would be a win-win for all parties involved.”
Thanet Circle is located within walking distance to the Princeton Shopping Center and less than two miles from downtown Princeton and Princeton University.