A private investor has acquired Cornerstone Court, a value-add retail center in Pennington, NJ, in a transaction arranged by Marcus & Millichap. The 18,284-square-foot property, located at 1 Tree Farm Rd. in Mercer County, changed hands for $3,925,000.
Marcus & Millichap’s Cafiero Team led the marketing and sale effort for the multi-tenant asset. Brent Hyldahl, Alan Cafiero and Seth Goldberg represented the seller, a private investor based in New Jersey. The same team, together with David Cafiero and Damien Rance, also procured the buyer, another private investor from New Jersey.
The two-story center is positioned as a value-add opportunity in a suburban Mercer County location. According to the brokerage team, the asset benefits from its placement at a signalized intersection on Route 31, which contributed to a competitive bidding environment among investors.
Cornerstone Court is 77% occupied and houses 11 tenants across ground-floor and second-floor space. Retail and service-oriented tenants occupy the ground level, while office suites are located on the second floor, providing a mix of uses within the center.
The property is anchored by two national brands, Subway and Dunkin’, with a drive-thru component that helped draw investor interest. Marcus & Millichap noted that the combination of national-credit tenancy, current vacancy and the potential to lease remaining space created an opportunity for income growth.
Commenting on the broader environment for similar assets, Seth Goldberg of Marcus & Millichap said demand for well-located, value-add investments in New Jersey “continues to remain strong.” The successful sale of Cornerstone Court reflects ongoing investor appetite for retail properties that pair established tenant rosters with clear upside potential in occupancy and revenue.
