Brooklyn, NY – Wasa Properties announces the acquisition of Heritage Square shopping center in South Brunswick Township (Middlesex County), New Jersey. Heritage Square is an 80,504 square feet multi-tenant shopping center that has a strong lineup of national retailers such as PetSmart, Bob’s Discount Furniture, Chase Bank, Subway, Supercuts and Dunkin Donuts.
Heritage Square is shadow anchored by Target and ShopRite which is under development and is scheduled to open in 2019. The property was developed in 2007 and is strategically located along US Route 1 which is one of the busiest roadways in the State of New Jersey with approximately 60,000 vehicles passing daily in front of the shopping center. South Brunswick Township is an affluent and densely populated area in Middlesex County that is thriving with over 500 luxury homes that were recently developed or under construction within a 1-mile radius from the property. There are approximately 113,548 people residing on a 5-mile radius with approximately $150,686 average household income.
Heritage Square is currently 63% occupied with 30,032 square feet of vacancy which presents an excellent value-add opportunity coupled with strong in-place cash flow. Wasa Properties acquired Heritage Square as part of its vision to expand in the New Jersey market with an opportunistic investment strategy and continues to seek value-add assets in the northeast, southeast, and southwest regions.
About Wasa Properties
Wasa Properties is a New York City based real estate investment and operating firm currently executing an opportunistic strategy focused on repositioning income generating distressed and deep value-add opportunities, well located within dynamic target markets throughout the northeast, southeast, and southwest. Wasa Properties has grown organically, acquiring one property at a time since the firm’s inception in 2004 to over 2 million square feet of assets currently under management.
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