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