An ultimate retail - New Brunswick - Home€¦ · The State Theatre, George Street Playhouse, and...
Transcript of An ultimate retail - New Brunswick - Home€¦ · The State Theatre, George Street Playhouse, and...
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DEVCO
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An ultimate retail opportunity in a thriving city.
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TABLE OF CONTENTS
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . 2
Opportunity Highlights . . . . . . . . . . . . . . . . . . . . . 4 Renderings & Specifications . . . . . . . . . . . . . 7 Conceptual Retail Plan . . . . . . . . . . . . . . . . . . 8 Convenient Access, Highly Visible . . . . . . . . 11 Location Overview . . . . . . . . . . . . . . . . . . . . . 12 Arts, Culture, Nightlife and Dining . . . . . . . . 14 Demographics . . . . . . . . . . . . . . . . . . . . . . . . . 16 Prime Destination . . . . . . . . . . . . . . . . . . . . . . 18 Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Retail Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Incentives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Supply and Demand . . . . . . . . . . . . . . . . . . . . 22
Development Team . . . . . . . . . . . . . . . . . . . . . . . . 24
Disclaimer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
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Executive SummaryNew Brunswick Development Corporation (Devco) is seeking a preeminent retail developer
to partner in the development and operation of 90,000 square feet of prime retail located
in one of the most innovative and thriving locations in New Jersey .
The Hub @ New Brunswick Station, a 1 .7 million square foot vibrant mixed-use destination,
will be located in the heart of downtown New Brunswick and adjacent to one of the
Northeast’s major commuter rail stations, Rutgers University, Robert Wood Johnson
University Hospital, and the world headquarters of Johnson & Johnson . Devco is seeking
a partner to share its vision in providing exceptional retail experiences for the tens of
thousands of employees, students, residents, and commuters in downtown New Brunswick .
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A HIGHLY COLLABORATIVE DEVELOPMENT PROCESS The selected retail developer for The
Hub will have the opportunity to be
intimately involved with Devco in the
ground-up development of this iconic
mixed-use project by participating in
design, programming, development
and operation of the 90,000 square
feet of retail space .
A PUBLIC/PRIVATE PARTNERSHIP WITH A SHARED VISION The Hub is located directly across
the street from the New Brunswick
Train Station and benefits from
being situated in the heart of New
Brunswick’s Transit Village . An
aggressive commitment by the
public sector in partnership with
private stakeholders is the formula
for a sustainable and thriving retail
destination .
With significant residential and commercial development, infrastructure and award-winning revitalization having already occurred and boasting a burgeoning 24/7 population with tremendous buying power, New Brunswick is embracing new retail.
OPPORTUNITY HIGHLIGHTS
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A PEDESTRIAN-ORIENTED RETAIL EXPERIENCE WITH PUBLIC GATHERING SPACES The sophisticated retail plan calls for
an open plaza concept, incorporating
elements for public gathering and
outdoor dining . The pedestrian-
oriented retail plaza will be a vibrant
gathering place, luring local residents,
college students, business people,
medical professionals, and community
members . The retail strategy will
be crafted to reflect the personality
of the community, its people, their
lifestyle, and the aspirations of the
surrounding neighborhood .
A VIBRANT DESTINATION WITH A SELECTIVE TENANT MIX The retail mix will meet the demands
of a diverse customer base with
strong purchasing power . The
project will offer a mix of national
and regional tenants appealing to a
diverse, educated, and professional
consumer base, with shops,
restaurants, and entertainment venues
to provide a unique local experience .
SMART GROWTH POLICIES AND ENVIRONMENTALLY CONSCIOUS The Hub will incorporate green
building standards with LEED Silver
Level certification . The retail facades
will be constructed with floor to
ceiling windows, unique architectural
elements, and well-lit and wide
walkways to accommodate outdoor
dining and unimpeded pedestrian
flow . The high-rise features a sleek,
modern aesthetic that promises to
become a hallmark of New Jersey
upon completion .
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Hub (huhb)“noun” a center around which other things revolve or from which they radiate; a focus of activity, authority, commerce, transportation, etc.
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With its impressive architectural
design, The Hub @ New Brunswick
Station promises to become an instant
beacon in New Brunswick .
Master planned by Kohn Pedersen Fox
Associates (KPF), one of the world’s
leading architecture firms, The Hub
will embrace the modern workplace
culture with breathtaking design,
innovative office layouts, state-of-
the-art research applications, ideal
living spaces, trendy restaurants
and retail, entertainment options,
spectacular open-air public spaces,
and state-of-the-art transportation
connections . In generating the
design, KPF drew inspiration from its
extensive international experience
planning similar highly connected,
transit-oriented, mixed-use complexes
from around the world, including the
expansive Hudson Yards project in
Manhattan .
RENDERINGS & SPECIFICATIONS
OPPORTUNITY HIGHLIGHTS
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RETAIL FIRST LEVEL
72,000 sf
CONCEPTUAL RETAIL PLAN
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RETAIL SECOND LEVEL
18,000 sf 9
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New Brunswick is easily accessed by car, bus, train or plane.
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CONVENIENT ACCESS, HIGHLY VISIBLENew Brunswick is centrally located within New Jersey and has become a go-to entertainment and dining
destination . The Hub is located in the heart of downtown New Brunswick, which is well-served by major
highways and mass transportation .
Major arteries in and around New Brunswick include the NJ Turnpike, I-287, Garden State Parkway, U .S .
Routes 1, 18, and 27 . Route 18 is a primary thoroughfare in the region from the Jersey Shore and provides
direct access to downtown New Brunswick while serving the regional and local transportation needs of
more than 85,000 vehicles per day .
The Hub sits adjacent to New Jersey Transit’s Northeast Corridor Line, servicing NJ Transit and Amtrak .
With over 114 trains stopping daily, it supports over 6,000 riders each day . The station will soon be
connected via pedestrian bridge to The Hub .
Visitors have access to 13 public parking garages within the downtown core, supporting more than
8,500 spaces, and including approximately 2,000 parking spaces directly adjacent to the New Brunswick
Train Station .
OPPORTUNITY HIGHLIGHTS
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New Brunswick possesses every characteristic retailers look for.
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OPPORTUNITY HIGHLIGHTS
Large Area Employers1 Johnson & Johnson World Headquarters2 Robert Wood Johnson University Hospital3 Rutgers University – New Brunswick Campus
Arts & Culture4 George Street Playhouse5 Mason Gross School of The Arts6 The State Theatre7 Zimmerli Art Museum8 Crossroads Theatre
Food & Drink9 Catherine Lombardi10 Due Mari11 The Frog and The Peach12 Chipotle13 Old Man Rafferty’s14 Stage Left15 Starbucks16 Steakhouse 8517 Stress Factory Comedy Club18 World of Beer
Retail Trade19 Barnes and Noble20 Key Food Marketplace21 RWJ Fitness & Wellness Center Hotel & Meeting Facility22 Heldrich Hotel & Conference Center23 Hyatt Regency
Transit24 Train Station
Municipal25 Middlesex County Court House26 Middlesex Family Court House
Residential 27 The Aspire28 The George29 New Street Apartments (Future) 30 One Spring Street31 Plaza Square Apartments32 Riverwatch Commons33 Skyline Tower34 The Vue35 University Center at Easton Ave36 Rockoff Hall
New Brunswick
IN THE CENTER OF IT ALL
New Brunswick is a vibrant city with
all of the necessities for a quality
urban lifestyle . New Brunswick enjoys
a bustling downtown, an innovative
and popular cultural arts center, and
richly diverse neighborhoods .
The Hub is located in an ideal location
with convenient access to mass transit .
It is home to major international
corporations, governmental offices,
world renowned healthcare centers,
academic institutions, theater venues,
and Rutgers, the State University of
New Jersey .
There is no shortage of amenities
for the thousands of individuals who
commute to New Brunswick each day,
including a wide range of services,
retail options, restaurant selections,
entertainment, and educational
opportunities . In recent years, New
Brunswick has seen nearly $3 billion
in public and private investment, with
another $1 billion in the pipeline .
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ARTS, CULTURE, NIGHTLIFE, AND DININGNew Brunswick boasts three major cultural venues: The State
Theatre, George Street Playhouse, and Crossroads Theatre
attracting more than 400,000 annual visitors .
OPPORTUNITY HIGHLIGHTS
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New Brunswick’s rich cultural and performing arts
attractions have made it a true destination . American
Repertory Ballet, State Theatre Regional Arts Center,
George Street Playhouse, Crossroads Theatre
Company, Mason Gross School of the Arts, and the
Zimmerli Art Museum, along with unique art galleries,
are located in New Brunswick .
The city is well known for its tremendous dining
selections . There are more than 250 restaurants
throughout the downtown ranging from simple
fast casual restaurants and delis to award-winning
casual and four-star fine dining establishments . The
culinary and ethnic variety is extraordinary, including
American, Steakhouse, Asian, Indian, Italian, South
American, Vietnamese, Mexican, and Middle Eastern,
and includes several of New Jersey’s most recognized
restaurants . New Jersey Monthly Magazine’s July 2013
issue featured the state’s 25 best restaurants . One of
the top winners, The Frog and The Peach, is located in
downtown New Brunswick .
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2015 Summary 1-mile 3-mile 5-mile———————————————————————————————————————————————————Population 45,422 150,531 271,906———————————————————————————————————————————————————Households 12,228 44,992 89,726———————————————————————————————————————————————————Families 6,188 29,330 61,510———————————————————————————————————————————————————Average Household Size 3 .31 3 .01 2 .85———————————————————————————————————————————————————Median Age 24 .6 29 .4 33 .7———————————————————————————————————————————————————Median Household Income $45,372 $62,551 $75,198———————————————————————————————————————————————————Average Household Income $64, 481 $82,547 $93,708
Source: 2015 ESRI Demographic and Income Comparison Report . ESRI forecasts for 2015 using the 2010 Census of Population and Housing, U .S . Bureau of the Census .
DEMOGRAPHICS AND RESIDENTIAL GROWTH New residential development continues to fuel population growth . New
Brunswick has seen tremendous growth in the residential market and an
influx of high quality residents .
272,000 people living within a 5-mile radius of downtown New Brunswick
$94,000 average household income within a 5-mile radius of downtown New Brunswick
895,000 people, 10% of New Jersey’s population, are living within 10-miles of downtown New Brunswick
33% of New Jersey’s population of 8 million reside in a 20-mile radius of downtown New Brunswick
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Annual rate of growth for New Brunswick’s population, number of
households, number of families, and owner occupied housing units, is
expected to exceed the state and national averages .
USA
State
New Brunswick
Population Households Families Owner HHs MedianHH Income
1-mileTrends 2015-2020
Annual Rate (in percent)
2.5
2
1.5
1
.5
0
Source: 2015 ESRI Demographic and Income Comparison Report . ESRI forecasts for 2015 and 2020 using the 2010 Census of Population and Housing, U .S . Bureau of the Census . 17
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Prime Destination
Rutgers University receives over 1 .7 million visitors annually .
Robert Wood Johnson University Hospital and St . Peter’s University Hospital receive over
1 million combined visitors annually .
The State Theatre, George Street Playhouse, and the Crossroads Theatre receive
over 400,000 visitors annually .
More than 6,000 people board 114 trains per day from New Brunswick Train Station .
Rutgers University is one of the largest, most diverse universities in the country, and more
than 40,000 students from all 50 states and more than 115 countries attend the New
Brunswick Campus . There are close to 16,000 resident students in 58 residence halls .
More than 90,000 passengers per day ride the Rutgers University bus system .
OPPORTUNITY HIGHLIGHTS
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TOP EMPLOYERSNew Brunswick is home to Rutgers University, one of the nation’s leading
comprehensive public research universities and the state’s preeminent,
public institution of higher education . With more than 47,000 students,
faculty, and staff in New Brunswick, its main campus is located in the heart
of New Brunswick .
Due to the concentration of teaching hospitals in the area, including Robert
Wood Johnson University Hospital and Saint Peter’s University Hospital,
as well as Rutgers University’s Robert Wood Johnson Medical School, New
Brunswick is known as “The Healthcare City .” New Brunswick is also home
to the world headquarters of Johnson & Johnson, the world’s largest health
care products manufacturer, and Bristol-Myers Squibb .
Rutgers University Faculty and Staff 7,000———————————————————————————————————————Rutgers University Students 40,700———————————————————————————————————————Rutgers Biomedical and Health Sciences 7,700———————————————————————————————————————Robert Wood Johnson University Hospital 5,500———————————————————————————————————————St . Peter’s University Hospital 3,100———————————————————————————————————————Johnson & Johnson 3,100———————————————————————————————————————Bristol Myers Squibb 2,200———————————————————————————————————————County of Middlesex 1,785 OPPORTUNITY HIGHLIGHTS 19
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RETAIL MARKET The Central New Jersey retail market, which includes Middlesex, Mercer, Monmouth, and
Somerset Counties, is strong with vacancy rates trending downward and rents trending upward .
REIS predicts the vacancy rate will end 2015 at 9 .5%, the lowest level since 2010, and then
decrease to 7 .9% in 2017 on stronger net absorption .
The average asking rent is expected to end 2015 at $23 .55 and then increase to $25 .41 in 2017 .
For 2014, the market absorption totaled 174,000 square feet, nearly triple the average absorption
rate of 59,100 square feet since the beginning of Q2 2005 .1
1 REIS Retail - Metro: Central New Jersey Submarket Report Q1 2015 .
New Brunswick
4.5% Expected New Brunswick retail market vacancy rate at end of 2015 .
$35 Expected average asking rent per square foot in New Brunswick at end of 2015 .
3.7% Expected New Brunswick retail market vacancy rate for 2017 .
Central New Jersey
9.5% REIS predicted Central New Jersey retail market vacancy rate at end of 2015 .
$23.55 REIS predicted average asking rent per square foot in Central New Jersey at end of 2015 .
7.9% REIS predicted Central New Jersey retail market vacancy rate for 2017 .
RETAIL MARKET20
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INCENTIVES• The Hub will benefit from a long-term property tax abatement .
• New Brunswick is a designated Urban Enterprise Zone . In
addition to other benefits to encourage employment within the
zone, consumers can take advantage of a reduced 3 .5% sales tax
rate versus the 7% rate charged statewide .
• Businesses will be eligible for the State of New Jersey’s Economic
Redevelopment and Growth (ERG) Program .
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SUPPLY AND DEMANDIn 2014, retail sales within a 1-mile radius of The Hub
were estimated at approximately $158 million, while the
demand is estimated at just under $297 million . The retail
gap of $139 million represents the fact that A GREATER RETAIL PRESENCE IS NEEDED TO MEET THE GROWING DEMANDS OF ITS RESIDENTS AND ITS NEIGHBORING COMMUNITIES.
Restaurant sales within a 1-mile radius of The Hub are
estimated at approximately $50 million, while the demand
is estimated at only $35 million . The retail gap of negative
$15 million highlights the fact that NEW BRUNSWICK IS A DINING DESTINATION, ATTRACTING OUTSIDE VISITORS TO ITS RESTAURANTS.
22 RETAIL MARKET
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-40-50 -20 0 20 40 60 80 90 100
Surplus
Leakage
10 30 50 70-10-30
LEAKAGESURPLUS
General Merchandise Stores
Motor Vehicle & Parts Dealers
Nonstore Retailers
Bldg Materials, Garden Equip. & Supply Stores
Clothing and Clothing Accessories Stores
Miscellaneous Store Retailers
Electronics & Appliance Stores
Furniture & Home Furnishings Stores
Gasoline Stations
Health & Personal Care Stores
Food & Beverage Stores
Food Services & Drinking Places
Sporting Goods, Hobby, Book, and Music Stores
Surplus/Leakage Factor by Industry Subsector
Sales (millions)
Source: 2015 ESRI Retail Market Place Profile Report, Page 2 . Supply (retail sales) estimates the sales to consumers by retail establishments . Demand (retail potential) estimates the expected amount spent by consumers at retail establishments .
The Retail Gap (the difference between Retail Demand and Retail Sales) represents a snapshot of retail opportunity . A positive value represents ‘leakage’ of retail opportunity outside the trade area . A negative value represents a surplus of retail
sales, a market where customers are drawn in from outside the trade area .
Source: 2015 ESRI Retail Market Place Profile Report, Page 1 .
DEMAND
$332,092,085DEMAND
$296,888,885Supply
$50,283,325
RETAIL GAP$123,690,316 RETAIL GAP
$138,770,441
RETAIL GAP-$123,690,316
SUPPLY
$208,401,769 SUPPLY
$158,118,444
Demand
$35,203,200
Total Retail Trade andFood & Drink
Total Retail Trade Total Food & Drink
2-mile Radius
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DEVCONew Brunswick Development Corporation
(Devco) is a private, nonprofit urban real estate
development organization founded in the
mid-1970’s to initiate redevelopment projects and
serve as a vehicle for public and private economic
development . Recognized by the New York Times
as a “powerful engine for economic growth,”
Devco has helped the city of New Brunswick
and other urban areas throughout New Jersey
to achieve a remarkable renaissance with a track
record of developing numerous successfully
completed commercial, residential, and
mixed-use projects .
Their expertise in creating strategic alliances,
strong public-private partnerships, and innovative
project financing structures has resulted in a
diverse inventory of award-winning mixed-use
projects .
Devco’s success is attributed to its ability to
foster public-private partnerships by uniting the
city of New Brunswick, the state of New Jersey,
corporations, and institutions . Leveraging private,
public, state, federal, and local resources allows
Devco to create high-impact redevelopment
projects . Devco has achieved extraordinary
success in reclaiming a quality urban lifestyle
in New Brunswick, and setting a tempo that is
characteristic of many great American cities .
Since its inception, Devco has overseen more
than $2 billion of investment in New Brunswick .
Today, even in some of the most challenging times
in the country’s history, redevelopment in the
city remains robust because of Devco’s unique
approach to redevelopment .
Jones Lang LaSalleJLL is the exclusive marketing agent for the
commercial office component of The Hub @
New Brunswick Station . They are a leader in the
northern/central New Jersey commercial real
estate market, with more than 500 professionals
and support staff providing agency leasing,
tenant representation, industrial services, strategic
consulting, project and development services,
property management and investment sales/
capital markets services to New Jersey’s leading
corporate tenants, investors and landlords . The
firm, which assists clients from three full-service
offices in Parsippany, Iselin (Metropark) and East
Rutherford, also acts as local service provider for
JLL global and national corporate clients in need
of real estate assistance in New Jersey .
JLL (NYSE: JLL) is a professional services and
investment management firm offering specialized
real estate services to clients seeking increased
value by owning, occupying and investing in real
estate . With annual fee revenue of $4 .0 billion and
gross revenue of $4 .5 billion, JLL has more than
200 corporate offices, operates in 75 countries
and has a global workforce of approximately
53,000 . On behalf of its clients, the firm provides
management and real estate outsourcing services
for a property portfolio of 3 .0 billion square feet,
or 280 .0 million square meters, and completed
$99 .0 billion in sales, acquisitions and finance
transactions in 2013 . Its investment management
business, LaSalle Investment Management,
has $53 .0 billion of real estate assets under
management . JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle
Incorporated . For further information, visit
www .jll .com .
DEVELOPMENT TEAM
Devco has prepared this memorandum for the sole purpose of selecting a retail development partner for the proposed mixed-use project in New Brunswick, The Hub @ New Brunswick Station (the “Project”) and is not to be used for any other purpose . By accepting delivery of this memorandum or any other materials in connection therewith, the recipient agrees to (i) keep the contents of this memorandum and such other material confidential, (ii) not to disclose such contents to any third party or otherwise use the contents for any other purpose other than its evaluation of a potential investment in the property described herein, and (iii) not to copy this memorandum or any such other material . This memorandum is personal to the recipient and its contents may not be distributed or disclosed to any person other than those persons that the recipient has retained as advisors with respect to the information provided herein . No representations or warranties whatsoever are made with respect to any projections or other information provided herein . Recipients of this memorandum are advised to review all of this information with their respective legal, financial and other advisors This memorandum includes forward-looking information that is based on assumptions about future events that are inherently uncertain and subjective . Devco makes no representations or warranties about whether any such assumptions will prove true . The recipient should conduct its own investigation of the Project and its prospects before making any decision to proceed further .
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For more information about The Hub @ New Brunswick Station visit:
TheHubNewBrunswick.com
or contact Christopher J . Paladino at
(732) 249-2220