North Brunswick, NJ—CBRE arranged the sale of the almost-fully leased The Shoppes at North Brunswick, in North Brunswick, NJ.
The Shoppes at North Brunswick, which opened in 2007, is a 149,142-square-foot lifestyle center on Route 1, the main north/south thoroughfare running through New Brunswick to destinations such as Princeton and Trenton.
Jeffrey Dunne, Casey Rosen, David Gavin and Dennis Carson of CBRE's National Retail Investment Group represented a New York-based private equity firm in the sale. The team was also responsible for procuring the buyer, Shoppes at North Brunswick, LLC, an entity controlled by The Azarian Group of Midland Park, NJ. The public relations agency for CBRE declined to identify the seller of the property, and refused to disclose the purchase price.
“The center is 94 percent leased to a diverse tenant mix, providing a strong in-place yield to the buyer, with NOI upside through lease-up of the well-positioned vacant suites totaling more than 9,000 square feet,” says Dunne.
The center opened in 2007 and is 94 percent leased to a high-quality tenant mix, including Anthropologie, Banana Republic, Five Below, Talbots, NY & Co. and Ann Taylor Loft. The area surrounding the property along Route 1 includes a complementary mix of national and big box retailers such as Walmart, Marshalls, Bed Bath & Beyond, Michael's, Barnes & Noble, ShopRite and LA Fitness within three miles of the property.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
