Lawrence Shopping Center in Lawrence — Courtesy: JJ Operating Inc.
By Joshua Burd
A joint venture has acquired a nearly 400,000-square-foot shopping center in Mercer County and is now planning some $5 million in upgrades at the grocery-anchored property.
The firms, JJ Operating Inc. and Houlihan-Parnes Realtors LLC, announced their acquisition of Lawrence Shopping Center along Brunswick Pike in Lawrence. Terms were not disclosed.
With existing anchors such as Acme, Burlington and Staples, the 393,430-square-foot property is slated for capital improvements such as complete façade renovation and enhanced landscaping, along with storefront and other tenant improvements. JJ Operating said the work will be completed by the end of the year, as it repositions a property that offers quick access to interstates 95 and 295 and has a population of 243,470 within a five-mile radius.
The new ownership has already signed Pet Valu to a 4,500-square-foot lease and is marketing other spaces ranging from 1,500 to 49,000 square feet. The firms are also marketing pad sites alongside a tenant roster that also includes Wells Fargo and MJM Designer Shoes.
“The addition of new tenants like Pet Valu puts our vision for Lawrence Shopping Center into action with the goal of creating a better shopping experience that will benefit the local shopper and economy for years to come,” said Jack J. Jemal, a partner for JJ Operating, a family-owned real estate investment and management firm based in New York. “Enhancements to the property will also reposition the center as a regional shopping destination with a greater reach than ever before.”
Ignarri Lummis Architects has been retained for the project,which will be the second large-scale redevelopment in Mercer County for the new owners, according to a news release. The partnership is renovating Independence Plaza in Hamilton and has leased space there to new anchor tenants including Regal Cinemas, Ollies Bargain Outlet and Crunch Fitness.
“JJ Operating, Inc. took the initiative upon ownership of Lawrence Shopping Center to immediately seek new tenants to enhance the property,” said Adam Rosenfarb of Atlantic Real Estate Group. “Pet Valu is excited to be a part of the project and we look forward to opening the store in the near future.”
