The Shoppes at North Brunswick at 650 Shoppes Blvd. in North Brunswick — Courtesy: JLL
By Joshua Burd
The owner of The Shoppes at North Brunswick on Route 1 is seeking a buyer for the nearly 147,000-square-foot upscale retail property, brokers with JLL announced this week.
According to the offering materials, the lifestyle center at 650 Shoppes Blvd. has hit the market with 89 percent occupancy and a diverse tenant roster consisting primarily of national chain stores and franchises. Most of those operators have been at the complex since its inception in 2007, JLL said, adding that the property offers “significant value-add potential” with nearly 20,000 square feet of vacant space available for lease-up and some 40,000 square feet of below-market leases expiring over the next three years.
The 146,811-square-foot center benefits from high visibility on Route 1 and accessibility from several nearby highways, along with a dense population of 261,325 with an average household income of $140,412 within five miles, the offering said. What’s more, it’s minutes from Rutgers University, corporate campuses such as Bristol Meyers Squibb, the New Jersey Bioscience Center and Johnson & Johnson.
“The Shoppes at North Brunswick represents the opportunity to acquire a flourishing retail asset with significant income diversity and multiple avenues for value creation in an affluent and high-traffic location,” JLL wrote in its marketing materials. Notably, the 15.8-acre property has 47 tenant spaces, with no occupied space greater than 10,000 square feet.
JLL’s Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Kavaler are marketing the center with support from Max Custer of the firm’s financing group and leasing brokers David Townes and Alana Friedman. Tenants include Starbucks, Chipotle, Big Blue Swim School, Bath & Body Works, Men’s Wearhouse, Crumbl Cookies and many others.
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