Marcus & Millichap closed the sale of Village Square Plaza, a two-building, 53,077-square-foot retail center at 510–590 Lawrence Square Blvd. in the Central New Jersey suburb of Lawrenceville. The property sold for $11,350,000.
“These types of neighborhood centers with mostly service, food and medical uses are exactly what most investors are looking for these days,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “No big-box space limits exposure for buyers and spreads the risk over many tenants—15 in this case. The center was 97% occupied at the time of sale.” Cafiero and Brent Hyldahl, managing director investments, represented the seller.
Built in 1990, Village Square Plaza is anchored by First Bank and includes tenants such as Kumon, Eastern Dental and Princeton Brain & Spine. It is adjacent to the 820-unit Lawrence Square Village residential development and minutes from U.S. Route 1, Costco and Quaker Bridge Mall.
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