Cornerstone Court at 1 Tree Farm Road in Pennington — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold more than 18,000 square feet of retail space in Mercer County for $3.925 million, brokers with Marcus & Millichap announced Monday.
Known as Cornerstone Court, the property at 1 Tree Farm Road in Pennington changed hands with a roster of 11 tenants and 77 percent occupancy, according to a news release. Those occupiers include Dunkin’ and Subway, which benefit from the two-story, 18,284-square-foot center’s location off Route 31 and a cluster of national retailers nearby.
Marcus & Millichap’s Brent Hyldahl, Alan Cafiero and Seth Goldberg represented the seller, a private investor from New Jersey. Hyldahl, Cafiero and Goldberg, along with David Cafiero and Damien Rance, procured the buyer, also a private investor from New Jersey.
“The demand for well-located, value-add investments in New Jersey continues to remain strong,” said Goldberg, an associate director for investments. “The property is anchored by two national tenants, Subway and Dunkin’, with a drive-thru. This was highly attractive to the investment community, paired with upside potential, and the signalized corner of Route 31 contributed to a competitive process.”
Marcus noted that the highway sees daily traffic of some 26,800 vehicles. Nearby retailers include ShopRite, Starbucks and Chase Bank.
“By leveraging our network, we identified and introduced a qualified buyer whose investment goals aligned with the property’s upside,” said Rance, an associate for investments.
