GlobeSt.com EXCLUSIVE: Gale Set to Reposition Retail Property

PRINCETON, NJ-The Gale Co. thinks it has the solution to what has, for years, ailed the 175,000-sf retail portion of Princeton Forrestal Village. The company, which serves as management, development and leasing agent for the property, has just received approval from local officials to substantially reposition the tenant mix.

The long-struggling retail component was supposed to feed off the 16-year-old complex’s 320,000-sf office component, as well as a 294-room hotel and conference center (recently reflagged as a Westin) and other nearby businesses. Gale’s plan to solve its problems involves renaming the retail portion Rockingham Plaza and filling its many vacancies with a more service-oriented tenant group.

Targeted tenant types include medical, professional, health and fitness, education and personal services, according to Greg Lezynski, vice president of leasing for the Florham Park, NJ-based Gale, as well as such users as theater groups, cultural and recreational facilities and financial services.

“Under the new plan, we are now able to offer space for uses that have been in great demand in this area,” according to Lezynski. “We expect Rockingham Plaza to be well received in the marketplace.”

Traditional retail will continue to be part of the mix, according to Lezynski, who notes that current tenants include Bass Shoe, Nine West, Izod, Dansk, Dress Barn, Casual Corner and Subway, among others. The office component of the Praedium Princeton LLC-owned Princeton Forrestal Center has fared better; it’s currently 93% leased to such tenants as AG Edwards & Sons, Kemper Insurance, Reed Smith, Robert Half International and Drake Beam Morin.