Rx Place (Route 9 North at Aldrich Road Howell, New Jersey)«Back to Sample Projects
Krame Development acquired an existing 25,000 square foot Channel Home Improvement Center (with approximately 3,000 square feet of outdoor storage) directly from Channel in a complicated pre-packaged bankruptcy proceeding. Although the subject building appears to be part of the adjacent Aldrich Plaza Shopping Center, a 99,000 square foot community center anchored by Bed, Bath & Beyond, the building is a free-standing end cap with shared parking. Prior to obtaining municipal approvals to renovate/expand the building, we needed to resolve cross access and reciprocal easements with the owner of the adjoining center. Municipal approvals were obtained to renovate the building and expand/enclose the existing garden center which added an additional 3,000 square feet of income producing space. All renovations were completed within three months, allowing the tenant to open for business in advance of the holiday season. The main building (25,000+/- square feet) was leased to RxPlace Drug Store, a wholly owned subsidiary of the Woolworth Corporation and the balance of the space (3,000 square feet) was leased to a local tenant.