Showing posts with label commercial real estate. Show all posts
Showing posts with label commercial real estate. Show all posts

Tuesday, October 10, 2017

Franklin Towne Center's Unfulfilled Aspiration

Franklin Towne Center apparently had aspirations of being a town center, a goal that today remains unfulfilled. It was busier when Stop & Shop anchored the center, but the Stein Mart (that replaced only a portion of the Stop & Shop space) never came close to the traffic the supermarket had brought in.

[Update from Oct. 24: The shopping center has become even emptier after Stein Mart closed on Oct. 21. Updating from my original post, perhaps the space that was occupied by Stein Mart, can now be used as a shared-office space, a la WeWork buying the flagship Lord & Taylor store in New York from Hudson's Bay Co.Click for press release. That would be one way to repurpose traditional retail space into a millennial sharing economy enterprise.]


Sabre.life's website lists Ocean State Job Lot as a tenant in the shopping center, but there's no activity that indicates one will be moving in. An Indian restaurant is also planned to open, says one of the other tenants.

















   
Empty stores in Franklin Towne Center. The space pictured above was once a shoe store.



Unused Real Estate: Indoors and Out

But could it be a center of activity?  It does distinguish itself by having a large outdoor area, mainly in the form of sidewalks, that are mostly empty. Confectionately Yours restaurant is the only business there that uses the area for outdoor seating, a logical use considering the restaurant has a window for selling ice cream in the summer.



A lot of unused real estate.
Confectionately Yours does make some use of the outdoor space.

None of the three other restaurants at Franklin Towne Center offers outdoor seating.

From a business sense, it's a waste. Surely, there's something that could be done with all that space. Perhaps, small festivals could be held there. I think there had been classic car nights held in the parking lot a few years back. Or a flea market could be held once a season. It would give the center's tenants a chance to set up booths to attract customers, who may be more likely to come back as regular customers. Add to that some live music -- carolers in December, Caribbean music in the summer, country music in the fall, and any kind of music in the spring.

Kiosk Village?

Another option might be outdoor kiosks that could be used three seasons out of the year. Of course, that would require some investment to install outdoor electric outlets, and likely improved lighting.

Here's another thought: How about constructing a small stage and hold open mic nights or afternoons? Make the shopping center an entertainment venue, albeit a small one. It would offer shoppers an experience that they can't get through online shopping--live entertainment.

What if the shopping center renovated, installed solar panels, and billed itself as an environmentally friendly retail center? Maybe add some ramps, a quarter pipe, hand out some waivers, charge admission and turn it into a skate park.

Franklin Towne Center could use a face-lift. Some repair work has started on the sidewalk areas. However, the decorative columns are also starting to fall apart and will need to be fixed.


Some repair work has started.
Still more repair work is needed.
















The property is listed for leasing on both Sabre.life and JefferyRealty.com websites. Neither leasing flyer says when the shopping center was originally constructed. It was probably built in the mid- to late-'80s. 

Sadly, even the Halloween store that once occupied one of the spaces there for the months of September and October hasn't come back for the past few years.

For sure, this shopping center requires some creative marketing. It won't be easy. It will require more capital. I'm sure the right marketing/real-estate minds could come up with something unique to the area that could bring some life back to this center. The question is: Could they come up with the capital needed to make real improvements? Maybe it really could grow up to be a real town center. It's either that, or someone will buy it, tear it down and build another strip mall.

Any other suggestions?


"This Stretch of 27" covers business on Route 27 between Finnegan's Lane and Route 518. What's your story? Email me at lkiesche@gmail.com


Liz Kiesche
Liz, a business journalist, formerly worked for Bloomberg News in Princeton and New York.

Friday, September 1, 2017

Friday Photos





Potting Shed truck for sale


It's Friday. It's been a long week. So here are some photos.  The tour starts at Bennington Parkway/Finnegans Lane intersection heading south, turning to Route 27 North at Route 518. Click here for slide show

Site of a house on Rt 27 close to Finnegans Lane intersection

Between Bennington Parkway and Clover Place

Potting Shed property for sale at Clover Place intersection


Building for lease that once was Franklin Park's post office, more recently a shoe repair shop

See above caption

Had been site of a historic building, Franklin Park Inn, more recently was Chauncey's Pub

See above caption

Lot for sale just south of Beekman Ave., near Franklin Montessori School

A little further south

On Route 27 North side now, north of Rt 518

Just south of Claremont, an apartment building that could be converted to retail space

See above caption.

Liz Kiesche
lkiesche@gmail.com
thisstretchof27.blogspot.com


Monday, August 28, 2017

Inaugural Post


Wawa Construction site at Beekman Road


When I moved to Franklin Park 28 years ago, it didn't take long to notice that new strip malls were being built even as existing ones had space available. So I've decided to chronicle the business in this area. Who's opening up and who's closing? I have chosen this stretch of Route 27 from Finnegans Lane to Route 518 (also labeled Georgetown Franklin Turnpike on maps), about 3.4 miles of road by Google Maps calculations. It's a fairly manageable area to cover and still has some room for building. In future posts, I plan to get more into why business owners choose to select the space they're in.

The area is also interesting in that Route 27 marks the boundary between Somerset and Middlesex Counties and between Franklin Township and South Brunswick. Much of this area is Kendall Park on the South Brunswick side and Franklin Park on the Franklin Township side. Municipal regulations may make a difference in which side of Route 27 a  business owner chooses to set up shop.


Leasing opportunies at Franklin Towne Center
Stein Mart store-closing sale




















Comings & goings: 
  • Wawa is building a new store at the intersection with Beekman Road, about 3 miles south of the Wawa convenience store in North Brunswick
  • Stein Mart has started its store-closing sale 
  • The Potting Shed, a florist at the intersection of Clover Place, has closed
  • Another recent closing is the shoe repair business at the intersection of Claremont Road
  • "Coming Soon" signs are up in Riya Plaza for Les Delices Bakery, Pie Five Pizza, Kwality Ice Cream and Rita Dance Academy (Rita Dance Academy from Finnegans Lane)

Over the course of two days I have made a list of businesses and buildings in the area. Here's what I've found out so far. There are: 

  •  32 empty storefronts, nine of them at Franklin Town Centre; five of them at the property behind IHOP; and eight at the Riya Plaza, a new strip mall at the intersection with Finnegan's Lane, but four of those of signs for businesses that are "coming soon"
  • Eight real estate offices
  • Eight banks, including the PNC Bank branch located in Stop & Shop
  • Six dry cleaners
  • Five pharmacies including the one in Stop & Shop; two of them are CVS's
  • Four houses of worship
  • Three day-care/Pre-K schools
  • Three tutoring centers
  • Three gas stations
  • Three liquor stores

    Related link: Stein Mart Closing Franklin Park Store In October
Let me know what's going on in your business on Route 27 between Finnegan's Lane and Route 518. Email me at lkiesche@gmail.com

Liz Kiesche