Plainsboro Plaza, which has fallen on hard times lately, is about to get a new facelift, and hopefully a new supermarket as well. Onyx Equities LLC and Artemis Real Estate Partners announced on April 4 that they have purchased Plainsboro Plaza from TIAA-CREFF, the institutional financial services and pension fund. The new owners plan to renovate the 26-year-old shopping center, and are actively trying to find a replacement for the recently closed SuperFresh, company officials said.
Built in 1987, Plainsboro Plaza, located at the intersection of Scudders Mill and Schalks Crossing roads, is home to several retailers, including CVS, Dunkin’ Donuts, Powerhouse Gym, and Romeo’s Pizza. However, several tenants have closed their doors recently, most notably Superfresh, which left vacancies in the anchor positions at each end of the center.
“Taking into account the positive 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,” said Stephen Sullivan of Onyx Equities.
Said Township Administrator Bob Sheehan: “We are very excited about the new ownership. They have indicated that they will be responsive to us and to the Township Committee. They assured us that they will work hard to get a new grocery store in there, and will be making many necessary improvements. They want to work collaboratively with the Township to improve the Plaza, and we will be meeting with them shortly to get the ball rolling.”
Onyx Equities, a private real estate firm with a presence in Pennsylvania, New York, New Jersey and Connecticut, recently purchased the Livingston Town Center. “We are encouraged by all of the improvements they made in Livingston,” said Sheehan.
Plainsboro Mayor Peter Cantu previously told reporters that he had approached the plaza’s former owner, TIAA-CREF, a few years ago, and asked that some changes be made, but nothing was done. Cantu said that about a year ago, he wrote a letter to the company asking them to take the plaza seriously, or to consider selling it.
“I had met with Onyx two times before they closed on the deal. They are very enthusiastic,” Cantu said. “Onyx has requested a meeting with Township officials to begin working on this. We have enlisted planning consultant Richard Price [who worked on the Princeton Healthcare campus redevelopment] to assist us on how to move our own vision forward.”
