JLL inks leasehold sale of 147,000 s/f shopping center

Along Route 1 in North Brunswick, NJ

North Brunswick Township, NJ — JLL Capital Markets has facilitated the leasehold sale of The Shoppes at North Brunswick, a high-performing lifestyle shopping center located in North Brunswick Twp.

JLL represented the seller, Shoppes at North Brunswick, L.L.C., an affiliate of The Azarian Group, L.L.C. The buyer was a local private investor.

JLL Capital Market’s Investment Sales and Advisory team was led by senior managing directors Jose Cruz and Kevin O’Hearn and senior director J.B. Bruno.

The Shoppes at North Brunswick is strategically positioned at 650 Shoppes Blvd. along NJ Rte. 1 at the intersection with NJ Rte. 130, which combined see approximately 100,000 vehicles per day. This prime location offers excellent visibility and accessibility to major transportation arteries including the NJ Tpke/I-95 and Garden State Parkway. The property is located less than five minutes from the Rutgers-New Brunswick campus and is surrounded by established retail centers including North Brunswick Plaza anchored by Walmart, Burlington and Macy’s.

The nearly 147,000 s/f shopping center was built in 2007 and spans 15.8 acres with 42 retail stores and five small office tenants across three buildings.

The property is 86.7% occupied including national tenants such as Starbucks, Chipotle, Bath & Body Works, Men’s Wearhouse, Crumbl Cookies, Banana Republic, Big Blue Swim School and Orange Theory Fitness. The center provides ample parking and offers significant value-add potential with nearly 20,000 s/f of vacant space available for lease-up.

“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,” said Cruz. “The property’s strong tenant mix, robust demographics and multiple avenues for value creation made it an attractive investment.”

“We are pleased to have facilitated this transaction in such a dynamic retail market,” added O’Hearn. “With 97% 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.”