EDENS, a real estate firm that develops, owns, and operates shopping centers throughout the East Coast, is in the process of purchasing Princeton Shopping Center.
The company, headquartered in Columbia, SC, is expected to close on the property on June 1. The seller is George Comfort & Sons, based in New York, which has owned the center since 1983. Tenants said they were notified of the sale by letter in mid-May.
The 255,000-square-foot shopping center contains some 50 ground-level shops and other businesses with a large, open-air courtyard, and is anchored by McCaffrey’s supermarket. The 60-year-old center underwent a major renovation in 2007.
EDENS owns more than 125 shopping centers from Boston to Florida. The company has been in business since 1966.
George Comfort & Sons, based in Manhattan, manages more than 10 million square feet of commercial property in New York City, Philadelphia, Beverly Hills, and other cities. The company also manages the Quakerbridge Plaza in Hamilton, an office park consisting of 12 buildings on 43 acres.
Jodie McLean, EDENS president and chief investment officer, said her company plans to maintain the shopping center’s community-friendly approach. “This is a very well-established part of the Princeton community and its vibrancy,” said McClean.
“The things we will focus on here are community events, consistency, and a commitment to continue that love of community,” said McClean. “Our own values feel very aligned with the history and current operators. We are community oriented, quality-driven and the classic, mid-century architecture of the shopping center needs to be celebrated.”
“We have known about this shopping center for 10 years and it absolutely fits in with the kind of shopping centers we have on the East Coast,” McClean said. “A typical customer for us would be proud to be a Princetonian and would be part of a family community.”