Plaza 12
Carteret, New Jersey

Property Type: Retail Shopping Center

Acquisition Date: March 1997

Investment Thesis & Opportunities

  • Recognized value of location immediately off of New Jersey Turnpike
  • Vision of de-malling the transform underutilized "mall" structure to more traditional neighborhood strip center with increased leasable area and higher rent structure
  • Identified upside value in below market rent Walgreens lease

Value Add Activities

  • Active redevelopment planning and implementation
  • Negotiated new leases with existing and new tenants and increased revenue for the new larger spaces and higher rents for new tenants including Autozone and Blockbuster
  • Negotiated new long-term ground lease with Walgreens and managed the approval and construction process of the new building
  • Successful litigation against NJ TPK Authority for condemnation of a portion of property resulted in proceeds for the property
  • Managed environmental clean-up
  • Executed major rebuild in early 2007 within four months of extensive fire damage