RETAIL SPACE FOR RENT

Hamilton

Montgomery

Princeton Borough

Trenton

West Windsor

Retail Space for Sale

Ewing

Trenton

Corrections or additions?

These listings and articles were prepared for the

April 4, 2001 edition of U.S. 1 Newspaper. All rights reserved.

Retail Space: Bigger Is Better For Some

The behavior of whole categories of retailers resembles

that of hermit crabs. Just as the little crustaceans routinely abandon

their shells, seeking out a better fit elsewhere, so do the retailers

decide — sometimes abruptly — that a change of size, or

configuration,

or maybe of neighbors, would help them move their goods more

profitably.

Susan Malatich-Asack is vice president of the Eagle Group, a

commercial

real estate company specializing in retail. One of the dominant trends

she is seeing now involves the big, new drug stores, owned by a

handful

of chains. "Eckerd is going larger, but they want them free

standing,

and they want drive-up windows," she says. One of the buildings

her company leases, a 10,000 square foot former Eckerd store in

Lawrence,

sits empty. She says all the big drug store chains, selling everything

from frozen pizza to outdoor furniture, have decided they need to

be on a corner, and must have a stop light. For the drug store chains,

10,000 square feet is not enough, while many other categories of

retailers

find it much too large.

"Overall," says Malatich-Asack, "the trend has been to

downsize stores for many years." Another trend is a growing

fondness

for allowing customers to transact business from their cars. For the

drug stores, this means new buildings equipped with drive-through

windows. But other retailers are happy to move into the spaces left

by all the branch office banks that have closed due to waves of

industry

consolidation. A case in point, Malatich-Asack says, is the new Dunkin

Donuts restaurant on North Olden Avenue in Ewing that is handing sacks

of jelly donuts through the window from which Mid-Jersey Bank once

dispensed cash.

Vinnie and Susan Jordan, who own that Dunkin Donuts, demonstrate

another

example of moving in to a type of space another category of tenant

has decided to abandon. The Jordans also operate the Dunkin Donuts

in the Lawrence strip mall opposite St. Ann’s church. Until recently

small shopping centers like the one in which Dunkin Donuts is

establishing

itself were anchored by convenience stores. But, Asack says, chains

like WaWa "want to be freestanding, and want gas pumps out

front."

Anchors are a vital retail component, and just as small strip malls

are losing their Wawas, larger shopping areas are losing their

supermarkets.

"We truly are going through a passage," Malatich-Asack says.

"Most supermarkets are gone." Not gone entirely, of course,

but gone from the mid-sized strip malls where they once drew traffic

to dry cleaners, pizza parlors, and card shops.

"Finding another anchor, that’s the problem," Malatich-Asack

says. "Finding a creditworthy anchor; it’s a issue. All of our

small spaces are full, and we can’t rent the larger spaces. We have

to reinvent ourselves." A possible substitute for the drug store

or supermarket is the dollar store. "The new Dollar Express in

Lawrenceville is very successful," Malatich-Asack says. Maybe

too successful. "It makes other dollar stores reluctant,"

she says.

Meanwhile, Eagle can’t fill all the requests it gets for small spaces.

"People are looking for the 1,500 square foot store," she

says. And where most calls used to come from pizza parlors and dry

cleaners, "now it’s dollar stores, ethnic food stores, and day

care."

Mark Hill, whose agency, Hilton Realty, leases retail space in

shopping

centers from Landsdale, Pennsylvania, to the Jersey Shore, also is

seeing changes in the retail mix. "Grocery stores are considerably

larger," he notes. "They sell everything" — including

many items that not too long ago passed over the counters of

complementary

shopping center tenants.

More and more, Hill says, professional and office uses want to move

into shopping centers where bakeries, video stores, and banks are

moving out. These are largely untried uses for a shopping center and

may not work, but, Hill says, "landlords may give them a try."

Retail leasing activity throughout the area is "steady," Hill

says, with some areas, the Montgomery Shopping Center, for example,

doing very well. Stores in "out of the way" areas are

commanding

about $10 to $12 a square foot, while, at the other end of the scale,

storefronts in downtown Princeton are renting for about $40 a square

foot. Actual rents are higher because most stores are renting at

"triple

net," which works out to about $5 more a square foot for expenses

that landlords pass along, including taxes, insurance, and utilities.

In a continuing trend, Hill says, "If you want a space in downtown

Princeton, it’s very difficult."

— Kathleen McGinn Spring

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RETAIL SPACE FOR RENT

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Hamilton

Hamilton Shopping Center, 1080 Whitehorse-Mercerville

Road. Available square feet: 9,000, divisible to 1,200. Net rent,

$14.00. Conditions: Triple net, plus operating expenses @ $4.63 per

foot, utilities, and cleaning. Approximate per-month cost: $1,400,

net.

Hilton Realty, Mark Hill/Jon Brush, 609-921-6060.

Owner: Hilton Realty of Princeton. Other tenants: Shop-N-Bag, Arts

Record, Shin Karate. Size: 58,000 square feet. High visibility,

anchored

by 25,000-foot supermarket

Municipal Square Shopping Center, 1469 Nottingham

Way. Available square feet: 1,200. Net rent, $1,400. Conditions:

plus utilities. Approximate per-month cost: $140,000, net.

Ridolfi & Associates, Joe Ridolfi, 609-584-0900.

Size of building: 1,200 square feet. Strip shopping center, five-year

term available.

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Montgomery

Montgomery Shopping Center, Route 206 North.

Available

square feet: 2,612. Net rent, $16. Conditions: triple net plus $4.91

operating expenses, utilities, and cleaning. Approximate per-month

cost: $3,483, net.

Hilton Realty, Mark Hill/Jon Brush, 609-921-6060.

Building owner: Hilton Realty Co. of Princeton. Other tenants: Shop

Rite, Opera Room Chinese Restaurant, Eckerd, Scandinavian Furniture.

Size of building: 1,500,086 square feet. Very busy shopping center

anchored by 60,000-foot leading supermarket, 4 restaurants, movie

theater, high visibility, great signage.

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Princeton Borough

182 Nassau Street. Available square feet: 3,375. Net

rent, $19. Conditions: triple net @ $6.25 per square foot. Approximate

per-month cost: $5,344, net.

Callaway Commercial, Tim Norris, 609-921-1070. Size

of building: 28,000 square feet. Largest block of retail space

available

in Princeton. Next door to Cox’s Market, across from Thomas Sweets

and Princeton University.

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Trenton

24 East Hanover Street. Available square feet: 530.

Net rent, $17. Conditions: plus utilities. Approximate per-month cost:

$751, net.

Ridolfi & Associates, Joe Ridolfi, 609-584-0900.

Size of building: 530 square feet. Downtown business district

storefront,

retail or office unit on first floor.

20 East Hanover Street. Available square feet: 2,000.

Net rent, $9. Conditions: plus utilities. Approximate per-month cost:

$1,500, net.

Ridolfi & Associates, Joe Ridolfi, 609-584-0900.

Size of building: 2,000 square feet. First floor retail office unit.

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West Windsor

Princeton Arms Shopping Center, 2025 Old Trenton

Road. Available square feet: 13,000, divisible to 1,148. Net rent,

$14. Conditions: plus operating expenses at $5.04 per foot.

Approximate

per-month cost: $1,339, net.

Hilton, Jon Brush/Mark Hill, 609-921-6060. Building

owner: Hilton Realty. Other tenants: Carr’s Hardware, Gamers’ Realm,

Eva’s nail & skin salon. Size of building: 32,000 square feet. Strip

center anchored by Little Szechuan, Cafe Capuano Italian restaurant,

rapidly growing area.

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Retail Space for Sale

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Ewing

1668 North Olden Avenue. Size of building: 1,995.

Retail/office building and Cape Cod house located on property.

Suitable for jewelry store, beauty & nail shop, childcare center, of

offices. Asking price: $249,000.

Ridolfi & Associates, Joe Ridolfi, 609-584-0900.

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Trenton

905-909 Liberty Street. Size of building: 2,000.

Two thousand square foot, four unit, office/retail strip center, great

investment opportunity. Asking price: $110,000.

Ridolfi & Associates, Joe Ridolfi, 609-584-0900.

809-811 South Broad Street. Size of building:

5,400. Located in Capitol South district. Asking price:

$195,000.

Segal Commercial Real Estate, Anne LaBate,

609-882-3737.

1300-1303 Windsor Road. Size of building:

20,000. Former retail building ideal for conversion to professional

office space. Asking price: $1,400,000.

Segal Commercial Real Estate, Stephen Segal/Chuck

Segal, 609-882-3737.

Strip Center, 41 Princeton Hightstown Road. Size

of building: 9,500. Full leased strip center on 1.28 acres. Call for

details. Asking price: $1,675,000.

Commercial Property Network, Al Toto, 609-921-8844.


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