EAST WINDSOR, NJ-Boutique shopping center Windsor Crossing here has been sold to private shopping center operator East Windsor Crossing LLC for $14.5 million. According to Marcus & Millichap Real Estate Investment Services, the Mercer County retail property traded for $181 per square foot; published reports put the cap rate at 7.86%.

The seller of the 80,009-sf center was Windsor Crossing West #4 LLC. Brad Nathanson, a VP of investments and a senior director of Marcus & Millichap's National Retail Group, and Christopher Munley, a senior associate and an associate director of the NRG, both based in Philadelphia, represented both parties in the transaction. Michael Fasano in Marcus & Millichap’s New Jersey office also provided representation.

“There was heavy competition regionally for this asset given its proximity to Princeton and because limited new retail product is being delivered to the market, especially in New Jersey,” says Nathanson in a release.

Located at 761 Rt. 33 West, Windsor Crossing was built in 2008. It is part of a master-planned development originally built by Robertson Douglas Group that also includes a 110,000-square-foot Home Depot, a 142,000-square-foot Walmart and 102 single-family homes on 125 acres.

The center currently has 14 tenants, including anchor tenant Gold’s Gym; the Learning Experience; New York Community Bank; Mahzu, a Japanese restaurant; and Patidar, a grocery store. Windsor Crossing shares two access roads off Route 33 with Home Depot and Walmart.

“We have seen an increase in demand for well-positioned centers in affluent and growing markets during the past few quarters,” says Munley in a release. “I expect that trend to continue.”