Commerce

Brunswick Square

755 State Route 18, East Brunswick, NJ, 08816-4916, US

Brunswick Square_Propriétés en vente

Galerie

Description de l'actif

Brunswick Square Mall (the “Property” or “Mall”) is a single level, regional mall located on the west side of State Route 18, approximately 4.0 miles south of the New Jersey Turnpike (I-95), at exit 9, in East Brunswick, New Jersey. The Property is situated on approximately 75.98 acres (39.50 owned) and consists of 755,160 square feet (“SF”), including anchors Macy’s (244,00 SF, non-owned), JCPenney (223,626 SF, non-owned), and AMC Theatres (50,777 SF, owned) which comprise 518,402 SF or approximately 67.4% of the total GLA.


Caractéristiques

Building area gross
68 733 m²
Occupation
97,00 %
Année de construction
1973
Land area Gross
0,09 km² (85 227 m²)

Informations Clés

IMPRESSIVE SMALL SHOP AND OVERALL OCCUPANCY

Brunswick Square is currently 97.7% occupied overall, with small shop occupancy of 94.1%, demonstrating extraordinary strength in retailer demand at the Property and highlighting its desirable position in the trade area.

HEALTHY INLINE OCCUPANCY COST

Small shop tenants have an average occupancy cost of 11.3%, within the range of sustainable occupancy costs for a regional mall generating comparable sales in the $350/SF range.

CONSISTENT SALES PRODUCTIVITY

Inline tenants at Brunswick Square have consistently generated

comparable sales in the $325 - $350/SF range, with average small shop comparable sales of $335/SF for the T-12 period ending November 2022.

POSITIVE LEASING MOMENTUM

Brunswick Square continues to enjoy considerable positive leasing momentum, adding notable new tenants Rainbow, Twisted Crab Seafood and Bar, The Habit Burger Grill and Results Boxing and Fitness over the past 12 months - totaling approximately 25,086 square feet of occupancy. Notable renewals during this same time-frame, including AMC’s 5-year

extension and Panera’s 5-year option at a 10% premium to its prior rent, highlight the Property’s competitive position in the market.

UPSIDE POTENTIAL

While Brunswick Square is currently 97.7% occupied, 9 well-located suites and kiosks totaling 17,272 SF are available for lease, offering considerable immediate upside potential. An additional 20 suites, comprising approximately 49,163, are currently occupied on a specialty leasing basis and represent a substantial premium on gross rental rates upon conversion to permanent tenancy.

EXCELLENT LOCATION

Situated along State Route 18 (~52,840 VPD) in a primarily residential area, Brunswick Square benefits from a high traffic, in-fill location that is easily accessible from throughout the trade area.

HIGHLY DESIRABLE TRADE AREA CHARACTERISTICS

The Property’s trade area boasts an exceptional demographic profile with more than 783,000 residents within a 10-mile radius. Average household income within this area is ~$139,000, with more than 50% of households having income greater than $100,000.

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Dernière mise à jour
9 mars 2023