Developer TFE Properties recently finalized the purchase of a 150,000-square-foot former Kmart in on Route 18 in East Brunswick. The developer said it has plans for new, updated retail space along Route 18 and other uses in the back of the site.
“One of our specialties is adding value to existing properties through renovations and market repositioning,” said Carey Tajfel, co-president of TFE Properties. “We see a great opportunity in this East Brunswick property, and we think it will be an interesting challenge to break up a former single-use large box unit into the optimal mix of retail and other uses.”
In East Brunswick, TFE Properties also owns the Chase Bank on Cranbury Road, the Cranbury Commons office building on Cranbury Road and a multipad retail site at 260 Route 18. Current tenants at 260 Route 18 include Dunkin Donuts, AAA, and an Army Recruitment Office.
“Exciting things are happening on Route 18 in East Brunswick,” Tajfel said. “Including the repositioning of some of the older shopping centers and a commitment by the new administration to bolstering retail and multi-family development on the corridor.”
Tajfel said he expects the town’s location relative to commuters and school system to aid in the redevelopment and growth of its portfolio in East Brunswick.
TFE Properties did not disclose financial terms for the transaction.
The Kmart in East Brunswick was one of four Kmarts in the state that closed in 2017.