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.
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