Princeton, N.J. (October 28, 2021) – NAI Fennelly announces it has negotiated the sale of 10-acres of undeveloped land at 3500 Route 1 in Princeton, N.J. for $3.2 million. NAI Fennelly’s Jerry Fennelly, SIOR, represented the seller, Dr. Greg Olsen in the sale to Hix Snedeker Companies.
Conveniently located along Route 1, 3500 Route 1 was first purchased by Dr. Olsen as part of an expansion strategy for Sensors Unlimited, a technology company founded by Dr. Olsen in 1991 that was housed in an adjacent building. However, Dr. Olsen sold Sensors Unlimited in 2005 and went on to become the third private citizen to orbit the Earth after joining the Yuri Gagarin Cosmonaut Training Center in Moscow, Russia. Dr. Olsen currently leads an angel investment firm in the area, and no longer needed the lot for his business and hoped to secure a buyer.
Selecting NAI Fennelly for the assignment, Dr. Olsen trusted that their team’s unparalleled expertise as well as their local and national relationships would help him quickly procure a buyer. Shortly after, NAI Fennelly was able to negotiate a deal with Hix Snedeker, a commercial real estate developer seeking to expand its national portfolio of over 5.3-million-square-feet, for the sale of the property. Building upon 3500 US Route 1’s location and favorable area demographics, Hix Snedeker will seek to construct a Tractor Supply store and an extended stay hotel on the lot.
“Although New Jersey’s shortage of developable land provides owners hoping to sell with the upper hand in negotiations, the fierce competition from sellers can often make the marketing and sales process challenging to navigate,” said Fennelly. “In a market like this, it is vital to work with local market experts who truly understand the fair market value of sellers’ assets and have the deep roster of contacts needed to ensure they receive it.”