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  March 29, 2010 - Gottesman breaks ground on Sea Girt Square retail center on Route 35
in Monmouth County
Gottesman Real Estate Partners has announced that construction has begun on Sea Girt Square, a 53,000-sq. ft. retail complex in Sea Girt in Monmouth County at the site of the former Old Mill Plaza. The center is located at the intersection of Route 35 and Ocean Road, in the heart of the area’s prime retail corridor—an area occupied by established retailers like Gap, Talbot’s, Ann Taylor, Coldwater Creek, Banana Republic, Williams-Sonoma and more. Completion of the initial phase is scheduled for September 2010. The second phase will be completed in February 2011.
Strategic location
Sea Girt Square is less than five minutes from the Garden State Parkway and Routes 18, 34, 70, 71, 88, 138 and 195. Easy access from any direction makes the location perfectly situated to draw shoppers from Sea Girt, Wall, Spring Lake, Manasquan, Brielle, and other affluent surrounding communities. An average of 24,800 vehicles drive past Sea Girt Square daily, generating tremendous exposure.
Planning for success
The project includes an existing stand-alone office building at its rear that houses Birdsall Services Group, a well-respected regional engineering firm. The existing building originally consisted of a mix of office and retail. Based on its premier location and demographic advantages, Gottesman acquired the property with plans for a total repositioning that would result in a more upscale retail-only center. The extensive improvements required demolition of the majority of the existing structure and the re-building of a superior product.
Retail units begin at 1,200 square feet (20 feet wide by 60 feet deep) with 20 feet per unit of store frontage. Multiple units can be joined to create larger spaces. When complete, the center will feature a new façade with a clock tower centerpiece, monument signage, professional landscaping, brand new HVAC equipment, separately metered utilities and an above-average ratio of 5.6 parking spaces per thousand square feet.
A proven market
The location of Sea Girt Square was chosen largely for the demographics of the surrounding area, where many consumers appreciate the convenience and personal attention of shopping at smaller stores. Recent average household incomes in the area have exceeded $100,000 and the median value of a single-family home in Sea Girt is over $1 million*. And Monmouth County has been voted among the Top 10 places to live in the US**.
Within five miles, there are 129,758 year-round residents in 52,871 households. Over the last decade, the population has increased more than 15%***. Seasonal populations swell even greater as vacationers and owners of seasonal homes head for the beaches. The location is also passed by travelers and potential customers seeking shortcuts to the north and south.
Outstanding opportunity
The initial phase of Sea Girt Square is expected to be ready for occupancy by September 2010. In addition to first choice of units, tenants leasing during the construction phase will have the opportunity to complete custom finishes at construction-phase pricing. Several tenants’ commitments have already been obtained.
“While many owners have been forced to be content to wait out this economic downturn, we look at this as an opportunity,” says Joel Brudner, Executive Vice President at Gottesman Real Estate Partners. He continued, “For starters, we’ve been able to secure exceptional construction pricing, and create a truly superior product. In addition, many desirable retailers are now exploring expansions and relocations as we are coming out of this cycle. Based on our financial strength and long-term commitment, we’re well-positioned to take advantage of this market.”
Management makes a difference.
With roots that date back to 1956, Gottesman Real Estate Partners has had a long, successful track record while building its reputation as one of the most intelligent names in real estate investment and management in the New York/New Jersey metropolitan area. The expertise gained from over more than half a century combines with a responsive, hands-on approach to management to set Sea Girt Square apart from centers that depend on out-of-area landlords.
Helena Loelius, Senior Vice President/Broker Manager and Ed Hughes, VP/Real Estate Agent of Sitar Realty Company are the exclusive brokers for Sea Girt Square. For information, contact 732-449-2000.
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