Starbuck is Winick's cup of coffee in leases.
The three deals included a freestanding Starbucks retail site on Route 9 in Manalapan, an island site on Route 22 in Union and a Starbucks/Blockbuster joint-retail site on Route 35 in Oakhurst.
Winick serves as the exclusive retail broker for Starbucks/New Jersey, and according to Dan Spector, who facilitated the three transactions for Winick, "Starbucks, once know as a 'downtown' retail chain, has become increasingly aware of commuter traffic throughout Northern New Jersey. Commuter highway locations have now become a focus for the well-known coffee experts, and they have used the drive-through retail concept to serve morning commuters en route to work."
Route 9, Manalapan, New Jersey
Starbucks on Route 9 in Manalapan, New Jersey has signed a 10-year lease, taking over a former Shell site and redeveloping one of New Jersey's first freestanding, drive-through coffee houses within the high-growth Route 9 retail corridor. Its growing client base includes upscale neighboring residents as well as members of surrounding communities who commute via Route 9.
Route 22, Union, New Jersey
On Route 22 in Union, New Jersey, Starbucks has secured a 10-year lease for an island retail site, allowing commuter access to those travelling both east and westbound in addition to north-south entry. Route 22 is now considered one of New Jersey's top five retail markets due to its proximity to New York commuter traffic and its high-growth retail developments, which include new Target, Sears Hardware and Costco locations.
"Highway access from all directions is critical for a commuter Starbucks," commented Spector, "and the island site on Route 22 adds one more element of success to the already winning Starbucks retail equation."
Route 35, Oakhurst, New Jersey
Winick Realty Group, which serves as the exclusive broker for both Starbucks/New Jersey and Blockbuster Video, developed a winning retail combination on Route 35 in Oakhurst, New Jersey, dividing a corner property, (a former Denny's restaurant site) between the entertainment and beverage retailers, thus allowing the two retailers to generate mutually beneficial retail traffic. The retail combination signed a 10-year lease and has also been successful as a result of different parking times and morning vs. evening traffic, spurring interest among Starbucks and Blockbuster in the possibility of developing other combination sites throughout New Jersey.
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|Title Annotation:||Winick Realty Group|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||May 17, 2000|
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