Investcorp announces new anchor tenant at Seaview Square shopping center

18 Aug 2008


Investcorp’s U.S. based real estate group today announced that Burlington Coat Factory Warehouse Corporation has leased 80,000 square feet of commercial retail space in its Seaview Square Shopping Center located in Ocean Township, New Jersey.  Specific financial terms of the transaction were not disclosed.  Investcorp acquired the property in late 2005. 

Retailer Burlington Coat Factory will occupy approximately half of a building at the Seaview Square Shopping Center, previously home to a Lowe’s home improvement store. Burlington Coat Factory sells a broad selection of branded apparel including coats, sportswear, footwear as well as baby furniture and accessories, home décor and gifts.  The build out of the retail outlet is already underway, with a grand opening expected in February 2009.

As part of the transaction, Investcorp purchased Burlington Coat Factory’s contract to lease a 125,000 square foot building at Seaview Square from Value City, a discount department store, after Burlington Coat Factory determined that the space available at the former Lowe’s building was a more appropriate size for its needs.

Jeremy Isaacs of leasing group RIPCO Real Estate Corp said, “We have received quite a bit of interest in Seaview Square from both regional and national retailers, specifically the Value City space, which, we believe, represents a great opportunity for a top-quality retailer to join an already impressive array of national tenants.”

Seaview Square is an outdoor mall anchored by two of the strongest retailers in the United States, Costco and Target, both of which occupy new stores at the property.  Other national tenants include PetSmart, Washington Mutual, Starbucks and Applebee’s.  Sears independently owns and operates a store at Seaview Square.

Michael O’Brien, a Principal in Investcorp’s real estate group, commented, “The addition of a well-respected retailer in Burlington Coat Factory as an anchor tenant at Seaview Square is a very exciting development and a testament to the property’s desirable location within this retail corridor.  We believe this asset continues to exhibit strong growth prospects, attractive near and medium term cash flow and capital appreciation.”

Seaview Square is located approximately 50 miles south of New York City in an affluent, growing suburban area.  The property totals 856,437 square feet, consisting of 788,225 square feet of existing space in six separate buildings and 68,212 square feet of new space that has been approved to be built on four vacant land parcels.