The appetite for “value-add” commercial real estate in Central Jersey remains high as Marcus & Millichap announced the successful sale of Cornerstone Court, a prominent retail center in Pennington.
The 18,284-square-foot property, located at the signalized corner of Route 31 and 1 Tree Farm Road, traded for $3,925,000 in a deal involving private New Jersey-based investors on both sides of the transaction.
The two-story center’s appeal to the investment community was driven largely by its high-visibility location and the stability of its anchor tenants. Situated just off Route 31—a corridor that sees approximately 26,800 vehicles per day—the property is anchored by national giants Dunkin’ (featuring a drive-thru) and Subway.
“The property is anchored by two national tenants… this was highly attractive to the investment community, paired with upside potential,” Seth Goldberg, associate director of investments at Marcus & Millichap said. “The signalized corner contributed to a competitive process.”
While the ground floor features a mix of retail and service uses, the second floor is dedicated to office suites. Currently 77% occupied with a total of 11 tenants, the property offers the new owner significant “upside” through the leasing of remaining vacant space.
The sale was facilitated by the Cafiero Team at Marcus & Millichap, including: Brent Hyldahl; Alan Cafiero; Seth Goldberg; David Cafiero and Damien Rance
The transaction underscores the continued strength of the Mercer County retail market. Cornerstone Court is surrounded by heavy-hitting neighbors, including ShopRite, Starbucks, and Chase Bank, creating a synergy of national brands that bolsters local property values.
“By leveraging our network, we identified and introduced a qualified buyer whose investment goals aligned with the property’s upside,” Rance, Associate of Investments, said.
