The Lawrence Shopping Center will be available to the highest bidder this week.
The shopping center, in existence since 1960, is up for sale in Wednesday's Mercer County Sheriff's Sale, according to centraljersey.com.
According to the report, the property is in foreclosure, and is owned by Brunswick Pike LLC, based in Florida. The judgement sought is $39.5 million.
It is located on roughly 52 acres of land, and is bordered by the Brunswick Pike, Princeton Pike and Texas Avenue. It is assessed at $12.9 million for local tax purposes, according to the report.
The property will be sold to the highest bidder, who will be given a Sheriff's Deed upon full payment of the bid. The bidder must put 20 percent down, and pay the full amount within 30 days.
However, to obtain full ownership of the property, the bidder must then pay off all outstanding liens and additional debts, according to the report.
If the shopping center is sold in the sale, Brunswick Pike LLC would have 10 days to object to the sale or redeem the property, according to the report.
When it was opened in 1960, the Lawrence Shopping Center consisted of 13 stores across 354,000 square feet, according to the report. It underwent several expansions between 1966 and 1997.
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