JLL Capital Markets has successfully facilitated the leasehold sale of The Shoppes at North Brunswick, a 147,000-square-foot lifestyle center in Middlesex County. The property was sold by an affiliate of The Azarian Group, L.L.C. to a local private investor for an undisclosed price.
Strategically located at the intersection of U.S. Route 1 and Route 130, the center sits at one of the busiest retail junctions in New Jersey, benefiting from a daily traffic count of approximately 100,000 vehicles.
Built in 2007, the center spans nearly 16 acres and serves as a primary retail destination for the affluent North Brunswick and New Brunswick communities. The property currently maintains an 86.7% occupancy rate, featuring a diverse mix of 42 retail stores and five office tenants.
Key National Tenants Include:
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Dining: Chipotle, Starbucks, Crumbl Cookies, and Hummus Republic.
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Retail: Banana Republic, Men’s Wearhouse, and Bath & Body Works.
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Wellness & Service: Orangetheory Fitness, Big Blue Swim School, and Club Pilates.
The acquisition represents a significant “value-add” opportunity for the new owner. With nearly 20,000 square feet of current vacancy, there is immediate potential for aggressive lease-up in a market where retail demand remains high.
“The Shoppes at North Brunswick represented an exceptional opportunity to acquire a premium retail asset with significant income diversity,” Jose Cruz, senior managing director at JLL said. “The property’s strong tenant mix and robust demographics made it an attractive investment.”
Market Fundamentals (North Brunswick Retail):
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Proximity: Less than five minutes from the Rutgers-New Brunswick campus.
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Traffic: 2.4 million annual visitors according to Placer.ai data.
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Market Strength: 97% average occupancy for stabilized assets in the immediate submarket.
The sale was overseen by JLL’s Investment Sales and Advisory team, including Senior Managing Directors Jose Cruz and Kevin O’Hearn, and Senior Director J.B. Bruno.
Following the sale, Levin Management Corporation (LMC) has been tapped to provide day-to-day operational oversight and management services for the center.
