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Burlington Coat Leases 80,000 SF

OCEAN TWP., NJ-The apparel retailer will double its space in a move from Monmouth Mall to the repositioned Seaview Square.

By Eric Peterson | Updated on August 18, 2008

OCEAN TWP., NJ-Investcorp has signed a lease with Burlington Coat Factory as an anchor tenant at its 856,000-sf Seaview Square Shopping Center here. For the retailer, it’s a matter of size–the chain is doubling its space in a move down Route 35 from its existing location just to the north at Monmouth Mall in Eatontown. But it’s also shrinking its previous space commitment to co-anchor Seaview Square.

As part of its deal with Burlington Coat Factory, New York City-based Investcorp has purchased the retailer’s contract to lease a 125,000-sf building at Seaview Square from discounter Value City, after Burlington decided that the 80,000-sf space it’s now taking was “more appropriate for our needs,” says a spokesman. Further terms of the signing were not released.

“We’ve received quite a bit of interest in Seaview Square from both regional and national retailers, specifically the Value City space,” says Jeremy Isaacs of leasing group RIPCO Real Estate Corp. of New York “The Value City space, we believe, is a great opportunity for a retailer to join the national tenants here.”

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