Investment Company Purchases Two Properties On Witherspoon Street
ML7, a real estate investment, development, management, and construction company headed by Jeffrey Siegel, has purchased two adjacent properties on Witherspoon Street, one currently occupied by Small World Coffee and the other formerly occupied by the Princeton Army & Navy Store, according to Jessica Durrie, owner of Small World, and David Newton, vice president of Palmer Square Management.
ML7, with offices in Princeton and New York City, purchases and redevelops commercial real estate assets throughout the state and in the city. According to their website, ”We are an opportunistic buyer, focusing on acquiring special situation properties or properties experiencing some level of distress, whether in their existing capital structures, as a result of mismanagement or physical distress. ML7’s expertise is in repositioning real estate assets and unlocking value.”
Mr. Siegel was not available for comment on the purchase, his rationale for the purchase, or future plans for the two sites. He and ML7 also own the property across the street, acquired and renovated over the past few years and currently occupied by Agricola Eatery.
Established in 1993, with Mr. Siegel at the helm since 2006, ML7 seeks properties in the $4 million to $100 million range for “value-add commercial property acquisition, primarily in New Jersey and New York City, where we own many properties.”
The Army & Navy Store closed at the end of last year after nearly 70 years in business at various Witherspoon Street locations.