Princeton HealthCare System has signed a sales agreement that would transfer three Princeton properties and one in West Windsor to an affiliate of Wythe Capital LLC, a commercial real estate firm with locations in Princeton and Manhattan.
Under terms of the sale, Wythe would take ownership of 277 Witherspoon St., 281 Witherspoon St., and 208 Bunn Drive, all in Princeton, and 88 Hightstown Road in West Windsor. The sale is expected to be closed in December, hospital officials announced today.
“We selected Wythe Capital after a lengthy, careful process,” said Princeton HealthCare System President and CEO Barry S. Rabner. “The principals have more than 40 years of experience managing commercial real estate, and they will maintain these locations as Class A properties that continue to serve the community, primarily as medical offices.”
The University Medical Center at Princeton relocated to Plainsboro earlier this year. Next Thursday at 7:30 p.m. the Princeton Regional Planning Board will review developer AvalonBay’s plans to build a 280-unit apartment complex at the downtown Princeton hospital site.