Garden State Commercial Properties has sold a high-rise office building in downtown Trenton, N.J. The new buyer plans on converting the structure into an apartment community.
This deal represents the latest high-profile real estate investment in the New Jersey capital’s downtown. The identity of the new owner could not immediately be learned.
The sale of the property, one of the tallest buildings in downtown Trenton, was negotiated by full-service commercial real estate provider Fennelly Associates, which marketed the property as prime for adaptive reuse.
A 16-story, 240,000-square-foot office building, 240 West State Street was originally constructed as a hotel in 1969. The property is located across from the Calhoun Bridge at the corner of Calhoun Street, West State Street and Route 29.
Robust amenities
The buyer’s plans call for a blend of studio units, as well as one- and two-bedroom apartment homes, to be built at the converted high-rise. A comprehensive amenity suite is planned, including a ground-floor café. The company will also undertake a renovation of the structure’s parking garage.
The property is situated less than two miles from the Trenton Transit Center and the West Trenton train station, providing access to New York City and Philadelphia. Jerry Fennelly, president of Fennelly Associates, represented both the seller and the buyer.
In a prepared corporate statement, a Fennelly Associates executive noted that the firm has worked for decades to lure investments and businesses to the New Jersey capital.
Two months ago, a joint venture involving Goldman Sachs sold a Trenton-area community, Addison at Princeton Meadows, for $115 million.
