EAST BRUNSWICK–In its latest move to redevelop the former Kmart building, TFE Properties opened a new self-storage facility CubeSmart on Dec. 7, located at 645 Route 18.
The new CubeSmart East Brunswick location is now open, to include approximately 1,100 units with 130,000 square feet of storage space, according to a prepared statement from TFE Properties.
“We saw a great opportunity in this East Brunswick property. We specialize in buying underutilized properties and adding value through renovations and market repositioning, and East Brunswick Township is a great place to do business. Exciting things are happening on Route 18 in East Brunswick, including the repositioning of some of the older shopping centers and a commitment by the administration to bolstering retail and multi-family development on the corridor,” TFE Properties President Carey Tajfel said in the statement.
Tajfel said the company has a proven track record in commercial and residential real estate and land development dating back to 1979. Its primary areas of focus include retail centers, single net tenants, hotels, office buildings, apartment complexes, storage facilities, and land development.
The burgeoning East Brunswick area is currently served by only two other self-storage facilities, so the new site is expected to draw high demand due to its central Route 18 location with access to three roadways and its proximity to new and growing residential and commercial developments, according to the statement.
The new facility, to be professionally managed by CubeSmart, has been developed by TFE Properties as part of their Junction Pointe project at the site of the former East Brunswick Kmart. The new retail center, named for its central location and visibility from multiple major roads, includes the 150,000-square-foot original Kmart building as well as multiple pad sites, according to the statement.
TFE Properties acquired the White Castle and Investors Bank at the site shortly after their initial purchase of the main building, and they have recently broken ground on an Xfinity store by Comcast at the location as well, according to the statement.
The front retail space at Junction Pointe will include approximately 85,000 square feet, with 52,000 square feet still available. A Crunch Gym at the site will be opening either by the end of the year or early in 2021.
The site is also home to The Clothing Center, which has been in the community for 30 years and was relocated to a more state-of-the-art store, according to the statement.
Tajfel said the town’s excellent schools and strategic location for commuters are sure to be a boon for developers and for the community at large, according to the statement.