The Shoppes at North Brunswick at 650 Shoppes Blvd. in North Brunswick — Courtesy: JLL
By Joshua Burd
An affiliate of The Azarian Group has sold the leasehold for a nearly 147,000-square-foot shopping center in North Brunswick, according to a listing team with JLL.
The upscale property, The Shoppes at North Brunswick, changed hands for an undisclosed price after hitting the market last spring with what brokers said was significant value-add potential. That’s due in part to its nearly 20,000 square feet of vacant space available for lease-up, with a location at the junction of routes 1 and 130 and proximity to Rutgers University.
JLL senior managing directors Jose Cruz and Kevin O’Hearn and Senior Director J.B. Bruno represented the seller, Shoppes at North Brunswick LLC, in the deal at 650 Shoppes Blvd.
“The Shoppes at North Brunswick represented an exceptional opportunity to acquire a premium retail asset with significant income diversity in an affluent and high-traffic location,” Cruz said. “The property’s strong tenant mix, robust demographics and multiple avenues for value creation made it an attractive investment.”
Built in 2007, the 146,811-square-foot center is part of an established retail corridor with anchors such as Walmart, Burlington and Macy’s. Routes 1 and 130 see a combined daily traffic of roughly 100,000 vehicles, the firm said, while touting the site’s proximity to the New Jersey Turnpike and other major highways.
The Shoppes at North Brunswick is 86.7 percent occupied and home to national tenants such as Starbucks, Chipotle, Bath & Body Works, Men’s Wearhouse, Crumbl Cookies, Banana Republic, Big Blue Swim School and Orange Theory Fitness, according to a news release. The 15.8-acre property, which has ample parking, also has five small office tenants across three buildings.
“We are pleased to have facilitated this transaction in such a dynamic retail market,” O’Hearn said. “With 97 percent average occupancy and strong rent growth in the North Brunswick area, this property offers excellent potential for the new owner to make further upgrades and attract trending tenancy.”
