A — July 12 - 25, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com M id A tlantic R eal E state J ournal Shopping center is 86% leased Sitar adds three new tenants to Sea Girt Square in NJ S reflects our efforts to bring an enjoyable experience to shop- pers.”
EA GIRT, NJ — Si- tar Realty Company – TCN Worldwide an- nounced four more tenants have signed leases at the com- pletely rebuilt Sea Girt Square shopping center. The new ten- ants are Sprint, Drishti Power Yoga, Learning Express Toys and The Little Gym. These tenants join other upscale ten- ants such as Massage Envy, European Wax Center, J. Mi- chael Salon, FINS TropiCali Cuisine, Carter & Cavero, Vil- lage Coffee, The Coal House, Miles Ahead Sports, The Sak, Ralph’s Italian Ices, Weight Watchers, Gail’s Optical, and Wings Fitness. The shop- ping center is now 86 percent leased. Sea Girt Square is located at 2100 Route 35, Wall Township, New Jersey, at the intersection of Route 35 and Ocean Road. The prime, highly visible, 6,200 s/f clock tower space is the last remaining vacancy at shopping centers with lots of restaurant tenants or gyms were considered “troubled.” However, these categories and other types of non-traditional tenants (doctor and dentist offices, veterinarians, etc.) are becoming favored because they will continue to draw pedes- trian traffic despite the growing popularity of online shopping. Lifestyle changes may also begin to impact the way con- sumers shop. More and more, people are sitting behind their computers to work. Social me- dia is becoming a primary form of human interaction. However, the fact remains that relation-
this vibrant shopping center, which services the nearby communities of Wall Town- ship, Sea Girt, Spring Lake, Spring Lake Heights, Belmar, Manasquan and Brielle. It also draws customers from the extended region looking for quality goods, as Sea Girt Square is an easy drive from the Garden State Parkway (Exit 98), and Rtes. 195, 138, 34, 33, 71, 70 and 18. Andy Gottesman , CEO of Gottesman Real Estate Partners , the center’s owner, said, “Our focus from the be- ginning has been to attract strong, boutique shops deliv- ering quality products and personal service in an invit- ing environment. Particular attention was given to finding complementary tenants that serve the needs of the commu- nity. I believe the appearance and atmosphere of the center, as well as the attention to the customers by the retailers, ships are formed by interper- sonal meetings. As society be- gins to crave more face-to-face interaction, we may well see a transformation of retail into a quasi center of community. What kinds of tenants – and settings – will create that town center kind of environment? The bottom line is that the retail real estate is headed for a revolution. What has worked in the past will not remain the be- all and end-all. Of course, the retail real estate landscape is not going to change overnight. Investors today remain cau- tious in terms of where they will place their dollars. Conventional institutions,
especially, remain firmly “in- side the box,” chasing best-in- class, grocery-anchored assets. However, private capital, op- portunity funds and the like can – and should – be looking at other spaces, which are priced more advantageously for the buyer. In short, getting away from the beloved and consider- ing the unloved may well reveal opportunities that will work just as well or better as retail’s next generation unfolds. H. Gary Gabriel is vice chairman of the Metropoli- tan Area Capital Markets Group of Cushman &Wake- field, in East Rutherford, NJ. n The retail leasing brokers for Sea Girt Square are Hel- ena Loelius and Edward Hughes from Sitar’s Sea Girt office. Both brokers provided the expertise to help redesign the center, provide insight into the center’s leasing strategy and conclude leases for the aforementioned tenants. n The center’s retailers rec- ognize the synergy of their businesses and are leveraging it by cross promoting, partici- pating in joint marketing and sponsoring various events. Often, the shopkeepers, jointly or individually, give back to the community by sponsor- ing events and promotions for non-profits such as the FoodBank of Monmouth and Ocean Counties, Restore the Shore, American Red Cross and Michael’s Feat, among others.
INDUSTRIAL FLEX SPACE
continued from page 2A Changing face of retail likely to spur real estate . . .
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