Retail Spaces Filling Up in Warren's Newest Centers

When the first of the two Corner Village buildings at the intersection of Mountain Boulevard and Mt. Bethel Road was completed in 2007, the U.S. economy was beginning a steep dive into recession.

By the time the second building was completed in 2009, the economy had hit bottom.

It woudn't seem an auspicious time to try to lease retail and office space, yet less than 2 years later, Brian Silbert, of Millington-based Silbert Properties, the management company behind the buildings, says all but one office and one retail space have been leased.

"We are in discussion with a couple of firms," Silbert said of the remaining spaces.

How were the buildings built and leased quickly in arguably one of the worst business climates in decades? According to Silbert, it's due to a combination of factors including not only Warren's affluence but also a business model that seeks to build "synergy" in development projects.

Silbert's management company has three properties within a two-block stretch of Mountain Boulevard—the Corner Village, anchored by Uproot Restaurant and Chase Bank, the Warren Village Shopping Center across Mt. Bethel Road, anchored by the King's grocery store, and the Gateway East buildings, just west of Bardy Road on the north side of Mountain Boulevard.

The Corner Village and Gateway East centers demonstrate how Silbert said his company seeks to build synergies: both have office and retail space and he said his leasing managers look for companies that will bolster each other's businesses.

Take the west building at Corner Village, currently only occupied by Uproot. In coming weeks, an orthodontics office will be opening, along with a Thai and Asian restaurant.

"The most recent lease is to TRU Salon + Day Spa—they're a high-end spa already established in Somerset County in another shopping center we're involved in," Silbert said.  

He noted the combination means parents can enjoy a meal or relax at the spa while kids are at the orthodontists—or they can walk to the east building and visit Get Fit for Women, bank at Chase, get a haircut at Sports Clips or enjoy a Smoothie King smoothie.

"It's a very inviting environment," Silbert added. "That will have great balance with the women's gym in the east building."

With the two shopping centers almost fully leased, that leaves Silbert looking to fill just two spaces in the Warren Village center, both of which he believes will be signed soon.

"Warren is a highly regarded area," he said, noting cooperative municipal and county officials, and the sidewalks and other improvements in the core development area help draw retailers looking to expand. "All of that is a positive here."

"What we've seen over the past three years as the economy has started to gradually improve, retail is improving," Silbert said. 

He said he attended a recent conference of shopping center developers and retailers and noted many are planning for expansion in 2012.

"We see gradual improvement and we're upbeat for 2012," he said. "Overall, the retailers are committing dollars in 2012-2013 for new stores."

And as the retailers start looking for spaces, Silbert said his company uses its contacts with those companies to identify the niches where leases will make sense.

"It's all about getting the right fit in there," he said.