Commercial real estate brokerage firm Marcus & Millichap announced the sale Oct. 8 of Village Square Plaza, a two-building, 53,077-square-foot retail center at 510-590 Lawrence Square Blvd. in Lawrenceville for $11.35 million.
“These types of neighborhood centers with mostly service, food and medical uses are exactly what most investors are looking for these days,” said Alan Cafiero, senior managing director investments in Marcus & Millichap’s New Jersey office. “No big-box space limits exposure for buyers and spreads the risk over many tenants — 15 in this case. The center was 97% occupied at the time of sale.”
Cafiero and Brent Hyldahl, managing director investments, represented the seller in the transaction.
Village Square Plaza was built in 1990 and is anchored by First Bank and includes tenants such as Kumon, Eastern Dental and Princeton Brain & Spine. The property occupies a 7.67-acre lot with 250 parking spaces and visibility to more than 30,000 vehicles per day on Quakerbridge Road. Village Square Plaza is adjacent to the 820-unit Lawrence Square Village residential development and minutes from Route 1 and the Quaker Bridge Mall.
