Onyx Equities Acquires Plainsboro Plaza in Plainsboro, N.J.
Firm Looks to Unlock Potential of Well Located Retail Site
PLAINSBORO, N.J. (April 1, 2013) — Onyx Equities, LLC and Artemis Real Estate Partners today announced the formation of a joint venture and acquisition of Plainsboro Plaza, a 218,600-square-foot, grocery anchored Class A retail property in Plainsboro, (Princeton) N.J.
Built in 1987, the center is home to established retailers such as CVS, Hallmark Cards, Dunkin Donuts, Powerhouse Gym and McDonald’s. A recently vacated grocery store will be re-tenanted and the owners expect to upgrade the overall appearance of the property as part of their investment strategy.
Located at the key intersection of Scudder’s Mill and Schalks Crossing Road just off of Route 1 in the Princeton submarket, Plainsboro Plaza is situated within a growing community that features more than 36,000 households with an average income of $144,000.
“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,” Onyx Equities Senior Vice President of Investments Stephen Sullivan said. “We’re excited to bring our value-add platform to this asset, which we believe has a tremendous amount of untapped potential.”
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading private real estate investment, management and development firm. Since its founding in 2004, Onyx has acquired more than $1 billion worth of real estate assets across the tri-state region. The company currently owns, manages or is the appointed receiver for 18 million square feet of office, retail, industrial, and self-storage properties located in New Jersey, New York, Connecticut and Pennsylvania. For more information on Onyx Equities, contact the firm at (732) 362-8800, or visit www.onyxequities.com.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with niche local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with The New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.