Helena Loelius, senior vice president/broker manager, and Ed Hughes, vice president/real estate agent, both of Sitar Realty Co. are the exclusive brokers for Sea Girt Square.
Completion of the initial phase is scheduled for September 2010. The second phase will be completed in February 2011. Tenants leasing during the construction phase will have first dibs on the units as well as the opportunity to complete custom finishes at construction-phase pricing. According to Gottesman, several unnamed tenants "have made commitments."
The project includes an existing stand-alone office building that houses Birdsall Services Group, a regional engineering firm. The existing building originally consisted of a mix of office and retail. Based on its location and demographic advantages, Gottesman acquired the property with plans for a total repositioning that would result in a more upscale retail-only center. The improvements required demolition of a majority of the existing structure.
Retail units begin at 1,200 square feet, with 20 square feet per unit of store frontage. Multiple units can be joined to create larger spaces. When complete, the center will feature a new façade with a clock tower centerpiece, monument signage, professional landscaping, new HVAC equipment, separately metered utilities and 5.6 parking spaces per 1,000 square feet.
Recent average household incomes in Sea Girt have exceeded $100,000 and the median value of a single-family home is over $1 million, according to City-Data.com. Within five miles, there are 129,758 year-round residents in 52,871 households. According to Gottesman, seasonal populations swell even greater as vacationers and seaside owners head for the beaches.
"While many owners have been forced to wait out this economic downturn, we look at this as an opportunity," says Joel Brudner, executive vice president at Gottesman. "For starters, we've been able to secure exceptional construction pricing, and create a truly superior product. In addition, many retailers are now exploring expansions and relocations as we are coming out of this cycle."
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