JLL Capital Markets said Jan. 15 that it has facilitated the leasehold sale of The Shoppes at North Brunswick, a lifestyle shopping center located in North Brunswick Township.
JLL represented the seller, Shoppes at North Brunswick LLC, an affiliate of The Azarian Group, LLC. The buyer was a local private investor. Financial terms were not disclosed.
The Shoppes at North Brunswick is located at 650 Shoppes Blvd. along U.S. Route 1 at the intersection with Route 130, which combined carry about 100,000 vehicles per day. This location offers accessibility to the NJ Turnpike/Interstate 95 and Garden State Parkway. The property is less than five minutes from the Rutgers-New Brunswick campus and is surrounded by established retail centers including North Brunswick Plaza.
The nearly 147,000-square-foot 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, Big Blue Swim School and Orange Theory Fitness.
JLL Capital Markets 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 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.”
