Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Princeton Plaza, a fully-occupied highway retail shopping center located on Brunswick Pike (Business Route 1) in Lawrenceville, New Jersey, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,900,000.
An elite team of retail specialists led by Shannon Bona, acquired the exclusive listing to market the property on behalf of the seller, a private investor. Brian Hosey acted as the broker of record. The deal team also included Mark Taylor and Derrick Dougherty. As lead agent, Bona worked closely with the seller for over three years advising him throughout the lease up process to bring the shopping center to its maximum value for a sale. Despite challenges, the Mercer County Market was strong, and the seller was able to add the right tenant to his rent roll, increasing his NOI.
“It was extremely fulfilling to help our client close on this asset, as it was a long-time family investment,” says Bona. “This is a great time to capitalize on multitenant retail especially neighborhood centers as we find more and more investors seeking them to achieve yield requirements and hedge risk associated with online encroachment in the retail world”
“This transaction shows investors demand and interest in unanchored neighborhood centers with necessity retail rent roll. “ adds Taylor, Senior Managing Director Investments. “Necessity Retail tenants provide security as they are typically mom and pop business that are ‘Amazon’ proof – such as a nail salon, hair salon, restaurant, gym, or medical office.”
The subject property, which has a strong history of occupancy, is ideally located in one of the main commercial commuter corridors in affluent Mercer County. The immediate surrounding area on Route One, less than one mile from the subject, has seen tremendous amounts of recent development which includes the 2013 redevelopment and revitalization of The Quakerbridge Mall. The immediate vicinity also includes premier indoor shopping destinations with proximity to stores such as CVS, Wawa, McDonalds, and TD Bank.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
