June 2022 Sale

201 Elizabeth

Bordentown, NJ

BACKGROUND

  • The Building comprised of 275,631 SF on 39 acres.

  • TOG acquired 201 Elizabeth in 2016 from a private investor for $17.5mm and sold the property in 2022 to an institutional investment manager for $60mm.

  • TOG acquired the property with BAI Drinks (NASDAQ: KDP) as the tenant with in-place rents less than half of the current market rate, with a Landlord option to terminate the lease.

  • TOG secured land use entitlement approvals to expand the building by an additional 140,767 SF and invested in an electric power station. TOG elected to terminate the lease with BAI Drinks and sold
    the building vacant.

  • IRR 44%

  • Equity Multiple 7x

  • Hold 5.4 Years