Marcus & Millichap on Wednesday announced the sale of Village Square Plaza, a two-building retail center in Lawrenceville for $11,350,000.
The property, totaling 53,077 square feet, is located at 510–590 Lawrence Square Boulevard. It was highly sought after by investors due to its tenant mix and high occupancy rate.
“These types of neighborhood centers with mostly service, food and medical uses are exactly what most investors are looking for these days,” Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office said.
Cafiero noted that the lack of big-box space helps spread the risk over many tenants, which in this case totals 15. The center was 97% occupied at the time of sale.
Built in 1990, Village Square Plaza is anchored by First Bank and includes other tenants such as Kumon, Eastern Dental, and Princeton Brain & Spine. The retail center sits on a 7.67-acre lot and offers 250 parking spaces. It benefits from high visibility to over 30,000 vehicles per day on nearby Quakerbridge Road.
The location is adjacent to the 820-unit Lawrence Square Village residential development and is just minutes from Route 1, Costco, and the Quaker Bridge Mall, placing it within a heavily trafficked commercial and residential hub.
Cafiero and Brent Hyldahl, managing director investments, both from Marcus & Millichap’s New Jersey office, represented the seller in the transaction.
