Built in 1987 and situated on 27 acres, Plainsboro Plaza is located at 10 Schalks Crossing Road. Over the past three years, the previous ownership invested $2.6 million to increase the property's visibility and aesthetics, and has executed more than 80,000 of new leases including Key Food, PCCP says. Some of the tenants at the center include CVS, Planet Fitness, UPS, and Dunkin Donuts.

Plainsboro Plaza has easy access to the area's most highly traveled roadways, including Route 1, Route 130, and Interstate 95 (NJ Turnpike). It sits at a strong retail intersection within the local submarket and is across the street from a mixed-use development, Plainsboro Village Center, which houses a mix of shops and restaurants. Additionally, the location is near several large office campuses and is just two miles from University Medical Center of Princeton, a 300-bed community hospital.

Correction, 11/4/2016, 8:56 p.m.: Because of an editing error, an earlier version of this story carried a headline indicating that the shopping center was in Mercer County. Plainsboro is actually in Middlesex County.

PLAINSBORO, NJ—PCCP has acquired Plainsboro Plaza, a 218,000-square-foot neighborhood shopping center located just off of Route 1 in Plainsboro, NJ, about five miles west of Princeton from a joint venture of Onyx Equities and Artemis Real Estate Partners.

The sale price of the current transaction was not disclosed. Onyx and Artemis acquired the property in April 2013 from TIAA-CREF for $21.5 million, according to Real Capital Analytics, a proprietary research database provider.

The property is currently 42% occupied, but a lease with Key Food, a Northeastern-based independent grocer, will take the center's occupancy to 62% in early 2017.

“PCCP believes the investment represents an attractive opportunity to acquire a recently renovated, grocery-anchored neighborhood center,” says John Randall, managing director with PCCP. “The renovation along with the new anchor tenant's lease in place will enable PCCP to attract strategic new tenants to fill the vacancy, and help meet the demand from the local community.”

Built in 1987 and situated on 27 acres, Plainsboro Plaza is located at 10 Schalks Crossing Road. Over the past three years, the previous ownership invested $2.6 million to increase the property's visibility and aesthetics, and has executed more than 80,000 of new leases including Key Food, PCCP says. Some of the tenants at the center include CVS, Planet Fitness, UPS, and Dunkin Donuts.

Plainsboro Plaza has easy access to the area's most highly traveled roadways, including Route 1, Route 130, and Interstate 95 (NJ Turnpike). It sits at a strong retail intersection within the local submarket and is across the street from a mixed-use development, Plainsboro Village Center, which houses a mix of shops and restaurants. Additionally, the location is near several large office campuses and is just two miles from University Medical Center of Princeton, a 300-bed community hospital.

Correction, 11/4/2016, 8:56 p.m.: Because of an editing error, an earlier version of this story carried a headline indicating that the shopping center was in Mercer County. Plainsboro is actually in Middlesex County.