By Joshua Burd
SITE Centers Corp. has agreed to sell a sprawling highway retail center in West Windsor for nearly $138 million, the real estate investment trust disclosed recently.
The company, in a recent regulatory filing, said a buyer listed as B33 Nassau Park Pavilion III LLC was under contract to purchase the 1.13 million-square-foot property at the junction of Route 1 and Quakerbridge Road. Closing is expected to occur in the fourth quarter, in a deal that would be SITE Centers’ second major sale in New Jersey in recent months.
Located in the affluent Princeton submarket, Nassau Park Pavilion is a hub of big-box retailers including Wegmans, Target, Dick’s, Home Depot and T.J. Maxx, among many others. A description by the landlord highlights a trade area that has 92,000 residents and 33,000 households within a 10-minute drive, with an average household income of $128,000.
The REIT, which is based outside Cleveland, also recently sold a 76,525-square-foot, Whole Foods-anchored retail center and 44 apartments in Edgewater for $53.2 million.
JLL: Site Centers sells Edgewater property with Whole Foods, 64 apartments for $53 million
