Village Square Plaza at 510-590 Lawrence Square Blvd. in Lawrenceville — Courtesy: Marcus & Millichap
By Joshua Burd
More than 53,000 square feet of retail space in Lawrence Township has changed hands for $11.35 million, in a newly announced deal by Marcus & Millichap.
Brokers with the firm represented an undisclosed seller in the transaction at 510-590 Lawrence Square Blvd., the site of a two-building property in the township’s Lawrenceville section. A private investor purchased what’s known as Village Square Plaza, which was built in 1990 and sits on a 7.67-acre lot with 250 parking spaces and visibility to more than 30,000 vehicles per day on Quakerbridge Road.
Marcus & Millichap’s Alan Cafiero, senior managing director for investments, and Brent Hyldahl, managing director for investments, completed the deal.
“These types of neighborhood centers with mostly service, food and medical uses are exactly what most investors are looking for these days,” Cafiero said. “No big-box space limits exposure for buyers and spreads the risk over many tenants — 15 in this case. The center was 97 percent occupied at the time of sale.”
In a news release, the team noted that First Bank anchors the 53,077-square-foot center, with other tenants including Kumon, Eastern Dental and Princeton Brain & Spine. It’s also adjacent to the 820-unit Lawrence Square Village residential development and minutes from Route 1, Costco and Quaker Bridge Mall.
