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PA Firm Sells South Brunswick Shopping Center

SOUTH BRUNSWICK, NJ-WP Realty, a Pennsylvania-based investment company that specializes in turning around under-performing retail centers, has sold its lone New Jersey property.

By Maria Wood | Updated on April 09, 2009

SOUTH BRUNSWICK, NJ-After owning it for six years, WP Realty Inc.– a Bryn Mawr, PA-based real estate investment, development, management and leasing company that specializes in turning around underperforming retail centers–has sold the 260,981-square-foot South Brunswick Square shopping center here. The property was purchased for $45.4 million by 426 Royal LLC.

When WP Realty purchased the grocery-anchored property in June 2003, it included an empty 76,345-square-foot Macy’s store and ran only $24 million. At the time of the closing, Strategic Resources Corp. was the owner.

According to WP Realty, the center had a vacancy rate of 89% when it acquired the property. A year later, Bloomingdale Furniture vacated more than 49,000 square feet. Macy’s subsequently bought out their own lease early and WP Realty executed a ground lease with Home Depot which–after the Macy’s was demolished–made way for a separate 104,664-square-foot store with a 17,883-square-foot garden center.

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