Jones Lang LaSalle

PREIT Starts Work on 300,000-SF Shopping Center
By Eric Peterson
Last updated: December 12, 2005 08:10am

(For more retail coverage, click GlobeSt.com/RETAIL.)
LACEY TWP., NJ-Construction is just under way for Lacey Town Center, a shopping complex here. The power center is being developed by the Philadelphia-based Pennsylvania Real Estate Investment Trust on a 43-acre site fronting Route 9 in this Ocean County community. PREIT has local approvals in place to develop up to 300,000 sf on the site.

The project will actually be done in phases, with the initial construction work focusing on the center’s major anchor, according to Douglas S. Grayson, executive vice president for development at PREIT. The 133,000-sf Home Depot store, with site work just under way, is expected to be open for business by the end of next year, says Grayson. The outlet will join two other Home Depot outlets in the region, located in nearby Manahawkin and Toms River, and when completed is expected to create 150 jobs with an annual payroll of about $5.5 million.
Besides Home Depot, the site plan for Lacey Town Center includes two out parcels. Additional tenants will include “other stores new to this market,” according to Grayson. The identity of possible additional tenants and a time frame for the project’s ongoing development have not been disclosed.

“This project is evidence of the good things that can happen when you work with the community and have the support of elected leaders,” Grayson says.

“This shopping center, and Home Depot, will provide our community with a clean tax ratable that will not place any burdens on our school system,” says township Mayor Gary Quinn. “It will also provide our residents with a quality-of-life benefit.”