Princeton Shopping Center is Being Sold
The sale is expected to close by June 1, tenants said.
The owners of the Princeton Shopping Center are in the process of selling and the sale is expected to close by June 1.
Shopping Center tenants were sent estoppel letters last week, multiple tenants confirmed to Patch.
A longtime tenant confirmed receipt of the letter and said the owner, George Comfort and Sons of New York, anticipates a closing by June 1.
“That’s when we were told they were closing, that’s the goal,” said the tenant, who asked not to be identified.
The Princeton Shopping Center is located at 301 N. Harrison Street and includes 55 shops and restaurants, a two-acre landscaped courtyard and extensive pedestrian pathways. Built in 1950, it was modeled on the design of an outdoor California mall.
Tenants include McCaffrey’s Supermarket, Jordan’s Cards & Gifts, Main Street Euro-American Bistro & Bar and Smith’s Ace Hardware.
The prospective owner owns shopping centers mostly in New England, but at least one in New Jersey, a tenant said.
Sending estoppel letters to tenants is typically part of a buyer’s due diligence during a sale, and confirms the lease information that each tenant has with the current owner.
It is unclear what the sale will mean for Princeton residents or Shopping Center tenants.
Today the Shopping Center has on-site management and several maintenance workers who maintain the property and attend to the needs of the tenants. The Shopping Center hosts annual Christmas and Halloween parades, summer concerts and other local events.
“If they job that stuff out, will it be done as well?” the tenant said. “And are we going to be able to do all the community functions that we do now?”
George Comfort and Sons have owned the Princeton Shopping Center for about 30 years.
“They’re very understanding and really did work well with tenants," the tenant said. “As a result, they have great tenants and it’s a great shopping center and they have very few vacancies.”
Multiple attempts to reach the president of George Comfort and Son for comment were unsuccessful.