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WP Realty sells South Brunswick Square

WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pennsylvania, is pleased to announce the sale of South Brunswick Square.

South Brunswick Square is a 260,981 square foot grocery-anchored shopping center located along U. S. Highway Route 1 in South Brunswick, Middlesex County, New Jersey. Route 1 is the primary north/south route through the central portion of the state and a heavily traveled corridor. The shopping center is located approximately eight miles north of Princeton and six miles south of North Brunswick.

The property is anchored by Home Depot in 104,664 square feet (plus a garden center of 17,883 square feet) and Stop & Shop in 55,556 square feet. It was built in 1988 and renovated in 2004 with the expansion of Stop & Shop, and again in 2005 with the construction of a new Home Depot. Other notable tenants include Bob’s Stores, Dollar Tree, Bandito’s Margarita Factory, Blockbuster Video and Friendly’s.

WP Realty purchased the property on June 10, 2003, at an 89% occupancy rate; however that included a dark Macy’s in 76,345 square feet. Bloomingdale Furniture in 49,104 square feet also vacated a year later. Macy’s bought out of their lease early and WP Realty simultaneously executed a ground lease with Home Depot for a separate new building, which included the demolition of Macy’s. The old Bloomingdale’s building was split into two new spaces for Bob’s Stores (a TJX company) and Dollar Tree. Other tenants were relocated, the expansion and re-modeling of Stop & Shop was completed, and the remaining vacancy was leased to a mix of national and regional tenants. Capital improvements of parking lot resurfacing, lighting, signage and landscaping accomplished the total transformation of the well-located shopping center.

South Brunswick Square is currently 100% occupied. WP Realty specializes in taking underperforming centers and turning them around, drawing on its strong contacts and expertise in leasing, development and management.