Bottom Dollar Food and Retro Fitness to Open Locations at Windsor Center in East Windsor, N.J.
Repositioning of Prime Retail Center Compels Popular Grocery and Fitness Center Chains to Sign Leases Totaling 35,000 Square Feet
Advance Realty, a leading Northeast owner and developer of Class A office, retail, multifamily and mixed-use properties, today announced two leases totaling 35,000 square feet at Windsor Center. Bottom Dollar Food Northeast, LLC has signed a 22,500-square-foot lease, while Retro Fitness has signed on for 12,500 square feet at the retail site in East Windsor, N.J.
Bottom Dollar is expected to open its new 22,500-square-foot store in October 2013. The soft-discount grocery store offers customers an assortment of private and national brand grocery items in an energetic shopping environment. Retro Fitness is expected to open its 12,500-square-foot facility in September 2013. Known for its high-value gym concept, Retro Fitness will occupy a site previously used as a fitness center, and will update it with a prototype design that has been successful nationwide. Founded in 2004, the company has evolved from a regional Northeast gym into a national fitness system with more than 120 gyms open or in development in 10 states.
According to Advance Realty Managing Director Brian Banaszynski, both tenants were attracted to Windsor Center’s excellent visibility in a dynamic submarket and recent property upgrades. Last year, a joint-venture partnership of Advance Realty and Structure Tone Equities acquired the center with plans to re-tenant and reposition it by investing significant capital to improve the appearance and operations. Also as part of the repositioning effort, the new ownership changed the property’s name from Windsor Hights Shopping Center to Windsor Center.
Banaszynski teamed with Fameco Real Estate Partner Jay Miller and Sales Assistant John Krause to complete the deals on behalf of ownership. Hugh Scullin of Katz & Associates represented Retro Fitness, and Fameco Vice President Scott Dennis represented Bottom Dollar.
“Bringing well-established brands such as Bottom Dollar and Retro Fitness to Windsor Center is an important step inour repositioning effort, and we anticipate other top retailers will soon follow suit,” Banaszynski said. “The acquisition of the property was a strategic, value-add investment, and we are pleased that we are beginning to see such quick results, validating our decision.”
“We are excited about the positive direction of Windsor Center, resulting from the proactive efforts of the center’s new owners,” East Windsor Township Mayor Janice S. Mironow stated. “The Township has remained in close contact with representatives of Advance Realty since they purchased the center last July, and are pleased by their aggressive leasing activities and anticipated physical upgrades for this high visibility center.”
Located at 440 Route 130 South and situated on a corner of Route 130 and Princeton Hightstown Road (County Route 571), Windsor Center features two pad sites that are currently occupied by PNC Bank and Taco Bell. Other tenants include Staples, Benjamin Moore and Payless Shoe Source. Currently approximately 43,000 square feet remains available for lease in various size units.
About Advance Realty
Advance Realty, headquartered in Bedminster, New Jersey, is a privately held real estate development, investment and management company. Since its inception in 1979, Advance Realty has acquired or developed more than 10 million square feet of commercial, residential, mixed-use and industrial projects. Advance continues to be one of the most active and respected real estate companies in the New Jersey and Washington, D.C. markets.
Advance Realty is well positioned for smart growth in its core markets. The company’s strong capital base, outstanding talent and flexibility as a privately held, fully integrated real estate company ensure continued success at the forefront of the commercial real estate industry.
About Structure Tone Equities
Structure Tone Equities is a private equity real estate investment company focused on value-added investments involving development, redevelopment, renovation and repositioning of assets. Structure Tone Equities plays a crucial role in protecting the return for each asset – managing risk, ensuring execution, and maximizing operating efficiencies. The firm focuses on residential, commercial office, higher education, hospitality, retail and medical office properties.
