Quakerbridge Shoppes Sold
Commercial real estate firm Marcus & Millichap announced on January 30 the sale of Quakerbridge Shoppes for $8,336,000. The identities of the seller and buyer were not disclosed.
The 42,912-square-foot multi-tenant retail center is located on just over 5 acres at 3800 Quakerbridge Road in Hamilton Township. The center’s 18 tenants include restaurants Villa Maria, Persis Biryani Indian Grill, and El Jalapeno.
“This center had small-footprint stores and below-market rents, allowing the new owner to increase the value of the shopping center,” Alan Cafiero, senior managing director investments for Marcus & Millichap said. “In addition, the center was well-positioned within the market at a hard-corner, traffic-light intersection with high visibility.”
Blackrock Extends University Square Lease
Global asset management company Blackrock has extended its lease at 1 University Square Drive, off of Alexander Road in West Windsor.
The company will continue to occupy 176,000 square feet, including the entire third and fourth floors as well as parts of the fifth and ground floors. Argent Ventures, which operates the building, now controls the other half of the fifth floor, which will become available for lease this summer. The entire second floor and 13,000 square feet of the first floor are actively available for lease.
A team from commercial real estate firm JLL facilitated the lease extension.
Blackrock has been a tenant of the 330,000-square-foot Class A building since 2010. The property, constructed in 2008, includes a full-service cafeteria and fitness center on a landscaped 18.5-acre property that also includes a walking trail, basketball court, and pickleball court.
More information: www.blackrock.com.
Logistics Firm Signs Lease for Lawrence Space
CEVA Logistics has reached an agreement to occupy 150,272 square feet at 40 Enterprise Avenue in Lawrence Township.
The 261,646-square-foot building is owned by Alcamo Capital, which redeveloped the property into a class A warehouse facility. The building, visible from Route 1, has 40-foot ceilings. The remaining 111,000 square feet, currently available for lease, has 33 trailer parking stalls and 21 dock doors.
The transaction was facilitated by Avison Young, representing Alcamo Capital, and Newmark, representing CEVA, a provider and operator of transportation and global supply chain solutions.
“This submarket is among the most competitive in the region in terms of attracting tenants, given the number of new construction buildings delivered and coming to the market, so securing CEVA Logistics was a priority for Alcamo Capital,” Avison Young’s J.C. Giordano said in a statement. “Despite the market challenges upon initial delivery, we feel this lease represents a significant and positive outlook as leasing velocity in 2025 should continue to increase.”
More information: www.cevalogistics.com.
