Marcus & Millichap has announced the successful sale of Village Square Plaza, a two-building retail center located at 510–590 Lawrence Square Boulevard in Lawrenceville, a suburb of Central New Jersey. The 53,077-square-foot property was sold for $11,350,000.
“Neighborhood centers like this—featuring mainly service, food, and medical tenants—are exactly what today’s investors are seeking,” said Alan Cafiero, Senior Managing Director of Investments at Marcus & Millichap’s New Jersey office, who, along with Brent Hyldahl, Managing Director of Investments, represented the seller in the transaction. “The absence of big-box tenants reduces exposure risk and allows for a diverse tenant mix. With 15 tenants and 97% occupancy at the time of sale, it’s an attractive investment.”
Originally constructed in 1990, Village Square Plaza is anchored by First Bank and includes well-known tenants such as Kumon, Eastern Dental, and Princeton Brain & Spine. The center is situated adjacent to the 820-unit Lawrence Square Village residential development and is only minutes from U.S. Route 1, Costco, and Quaker Bridge Mall.
