Heritage Square Shopping Center — Courtesy: JLL
By Joshua Burd
An investment firm has acquired a nearly 81,000-square-foot shopping center along Route 1 in Middlesex County, brokers with JLL announced Tuesday.
The real estate services firm said it arranged the sale of Heritage Square Shopping Center, an 80,504-square-foot complex in the Monmouth Junction section of South Brunswick, to Wasa Properties. Located at 4180 Route 1, the property is shadow-anchored by Target and anchored by PetSmart, Bob’s Discount Furniture and Chase Bank.
JLL Managing Director Jim Galbally and Vice President Colin Behr led the team handling the sale along with Managing Director Bill Moylan and Senior Associate Nate Cleland. Terms were not disclosed.
“The Route 1 corridor throughout Mercer and Middlesex counties is one of the premier, superregional retail markets throughout the tristate area,” Galbally said. “Heritage Square benefits from the robust retailer demand, high traffic counts on Route 1 and strong residential population, which has created a really strong market for the asset.”
The brokers also noted that another well-known retailer is coming to the area.
“The combination of Target and the impending arrival of ShopRite makes Heritage Square a highly desired property,” Behr said. “We were happy to be a part of the process.”
