Gateway at Carteret at 101 Roosevelt Ave. in Carteret — Courtesy: Kaplan Cos.
By Joshua Burd
Kaplan Cos. is stepping up the expansion of its commercial division, with a focus on new self-storage development and efforts to reposition retail assets to meet changing consumer needs.
The Highland Park-based firm, known for its decades of residential construction in the state, recently broke ground in Howell on its third self-storage facility, according to a news release. The project on Route 9 South comes amid increased demand in Central Jersey for the asset class, as families downsize from larger homes into townhouses and condominiums or move from suburban to urban neighborhoods.
Elsewhere, Kaplan has repurposed an older shopping center on Towne Center Drive in North Brunswick, shifting from traditional brick-and-mortar tenants to businesses that service online retail and other needs, the firm said. The center now includes a nonprofit that teaches job skills to people with developmental disabilities, an Amazon reseller, a yoga mediation spa, an autism care therapist and what it described as new-age hair salon.
“Kaplan Companies, traditionally known for the planning and completion of residential communities throughout New Jersey, has quietly amassed a large portfolio of retail, commercial and industrial tenants in key areas,” said Michael Cebula, the firm’s vice president of commercial and acquisitions. The company added that Cebula is tasked with maintaining and growing its footprint while adjusting to the real estate cycle, fueling its interest in land sites of roughly three to six acres along primary and secondary highways, where it can accommodate fast-casual dining and consumer-related uses.
“We are well positioned to undertake development opportunities as they present themselves in proven markets,” he added.
Kaplan’s other recent moves in the commercial sector include the planned opening of a Popeyes Louisiana Kitchen on Route 1 in South Brunswick, the news release said. Meantime, it’s continuing its long-held focus on projects that integrate residential and retail, citing its Hidden Lake property in North Brunswick that it developed in the 1980s, as well as its newer mixed-use Gateway at Carteret development in the borough’s Chrome neighborhood.
“We are squarely focused on new mixed-use opportunities, as older commercial uses are repurposed as town centers and other uses,” said Jason Kaplan, the firm’s president. “We can develop parcels as small as three acres or create diverse, legacy projects on much larger acreage.
He added: “It is all about pinpointing the changing needs of consumers and being one step ahead, providing the service at the ideal time that it is needed. It has taken years of careful planning, and addressing the challenges of the pandemic, but we are now seeing the benefits of this critical shift.”
