By Joshua Burd
Onyx Equities and PCCP LLC have sold a Princeton-area shopping center, reportedly for some $42 million, following a major upgrade nearly a decade ago that helped boost occupancy at the nearly 219,000-square-foot property.
Published reports say a buyer listed as KPE II LLC purchased the complex at 10 Schalks Crossing Road in Plainsboro. Known as Plainsboro Plaza, the 218,718-square-foot center is home to tenants including Asian Food Markets, Planet Fitness, McDonald’s, CVS and a host of others, benefiting from its quick access to Route 1 and other area highways.
Traded NJ and CoStar reported the deal last week.
“Well-leased, well-located retail assets are demanding high values,” said Colliers’ Jacklene Chesler, who represented the sellers alongside the firm’s Patrick Norris, Philippe Jomphe and Matt Cohen. “With multiple bidders and rounds, the transaction resulted in premium pricing and terms. We saw the strongest bidding from private (and) high-net-worth investors.”
Built in 1987, Plainsboro Plaza sits at the busy Scudders Mill Road intersection and is accessible to thousands of residents and a long list of employers in the region. Onyx and Artemis Real Estate Partners acquired the property in 2013 from TIAA-CREF, reportedly for $21.5 million, and renovated it in 2015, with updates including a repaved parking lot, new landscaping and a new 58-foot landmark signage tower.
Occupancy was around 42 percent at the time. A report by GlobeSt.com says PCCP entered the deal in 2016, while occupancy at the time of the most recent sale was 92 percent.
Asian Foot Markets leased 43,152 square feet at the complex in 2019, backfilling a grocery anchor space previously housing SuperFresh.
