S HOPPING C ENTERS
Mid Atlantic Real Estate Journal — Shopping Centers — Section B
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A 218,600 s/f, grocery anchored class A retail property In a joint venture with Artemis Real Estate Ptrs., Onyx Equities, LLC acquires Plainsboro Plaza
P
LAINSBORO, NJ — Onyx Equities, LLC and Artemis Real Es-
tate Partners announced the formation of a joint venture and acquisition of Plainsboro Plaza, a 218,600 s/f, grocery anchored class A retail prop- erty. The center is home to retail- ers such as CVS, Hallmark Cards, Dunkin Donuts and Powerhouse Gym. A recently vacated grocery store will be re-tenanted and the owners expect to upgrade the overall appearance of the property. HI-LIGHTS APRIL 26 - MAY 9, 2013 Zamir Equities Acquires 180,000 S/f Power Center
Plainsboro Plaza
“Taking into account the posi- tive economic development that Plainsboro has experienced in recent years, including the
opening of a new hospital and a new town center, we view this acquisition as a strategic entrance into an increasingly
affluent community,” Onyx Equities senior vice president of investments Stephen Sul- livan said. “We’re excited to
bring our value-add platform to this asset, which we believe has a tremendous amount of untapped potential.” ■
Taylor, Zang & Munley sell 528,382 s/f net leased building totaling $9.3 million Marcus & Millichap’s Gorman & Shover arrange sale of $9.333m, Allen Forge SC in Lansdale, PA
LANSDALE, PA MOUNT and OLIVE, NJ — Matthew Gorman , an associate VP investments, and Michael Shover , a senior associate Marcus & Millichap Real Estate Investment Services arranged the sale ofAllen Forge Shopping Center, a 51,878 s/f shopping center in Lansdale, PA. The $9.333 million sales price equates to $187 psf. The team of Gorman and Shover represented the seller and also represented the buyer, a Lehigh Valley-based 1031 exchange investor. “At the time of the sale, the Allen Forge Shopping Center was 100% occupied and had a waiting list of interested tenants,” said Gorman “The property is extremely well lo- cated within the local market and has had a long history of good tenancy and solid perfor- mance.” The Allen Forge Shopping Center’s credit tenants include a 13,000 s/f stand-alone CVS drugstore, a 9,000 s/f PALiquor Control Board Wine and Spir- its retail outlet and a Bank of America branch. In a separate transaction, Marcus & Millichap has an- nounced the sale of a Sam’s Club ground lease, a 528,382 s/f net leased property located
Sam’s Club in Mount Olive, NJ
Allen Forge Shopping Center in Lansdale, PA
Greenberg Gibbons Celebrates 49,002 S/f Harris Teeter Opening 2B
in Mount Olive, NJ. The asset commanded a sales price of $9.3 million. Mark Taylor, Dean Zang and Christopher Munley , investment specialists in Mar- cus & Millichap’s Philadel-
phia office, had the listing to market the property on behalf of the seller and secured and represented the seller as well. Michael Fasano , broker, as- sisted in the closing. “This transaction demon-
strates the strength of the North Jersey market and the quality of the tenant,” said Taylor. “The buyer, local to the area, knew the real estate well and was comfortable with it immediately.” ■
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