R.J. Brunelli Brokers Land Sale for Marlboro Commons in N.J.; Development to Get Under Way on Whole Foods-Anchored Center
MARLBORO TOWNSHIP, N.J., May 16, 2012 /PRNewswire/ -- In a transaction brokered by R.J. Brunelli & Co., Inc., Pagano Development Co., Inc. has acquired a 17-acre site at the intersection of Routes 9 and 520 here, paving the way for the construction of the Marlboro Commons shopping center.
Construction is scheduled to commence this May on the 100,000-square-foot-plus retail property, which is already over 60% pre-leased. In its capacity as exclusive leasing agent, the Old Bridge, N.J.-based R.J. Brunelli previously executed leases for a 40,000-square-foot Whole Foods supermarket, a freestanding 14,700-square-foot Walgreens drugstore, and a 2,800-square-foot Verizon store. The development also includes the site's existing freestanding PNC Bank.
"We're looking to round out the mix with upscale tenants that are complementary to the type of clientele that Whole Foods will draw to the center," said Richard J. Brunelli, president of the retail real estate brokerage bearing his name. "Between its easily accessible, high-traffic location and the anchor presence of the first Whole Foods in western Monmouth County, we anticipate that Marlboro Commons will be considered an 'A' location by most national chains."
From its location at the signalized intersection, Marlboro Commons will draw from a market within a seven-mile radius of approximately 190,000 residents with an average household income of more than $124,000. The site is situated on the 'going home' side of Route 9, a major commuter and retail corridor in this New York City suburb. Over 62,000 cars pass the site daily on Route 9, with another 12,000 passing on Route 520. "The new Whole Foods and Walgreens at Marlboro Commons will round out a retail mix on both sides of the intersection that already includes such draws as Lowe's, Starbucks, Kohl's, Staples and T.J. Maxx," Mr. Brunelli added.
Bergen County, N.J.-based Pagano Development through an affiliate acquired the site from The Marlboro Partnership, Piscataway, N.J. Cronheim Mortgage Co. arranged for the financing on the property acquisition.
"We expect to begin delivering spaces to tenants by early 2013, with initial store openings beginning next spring," Mr. Brunelli concluded.
For leasing information on Marlboro Commons, contact William Lenaz, senior vice president, R.J. Brunelli & Co., firstname.lastname@example.org, (732) 721-5800.
About R.J. Brunelli & Co.
R.J. Brunelli & Co. serves as exclusive leasing representative for 17 existing retail properties, three centers under construction and two in the approvals stage with a combined gross leasable area (GLA) of approximately 1.5 million square feet, along with five properties for sale or lease with approximately 40,000 square feet of GLA. The properties are located throughout New Jersey. The firm also serves as exclusive or preferred real estate representative in various New Jersey, New York and Pennsylvania counties for more than 20 retail, restaurant and service chains, including such major companies as Red Robin, Dollar Tree, Ulta, Bonefish Grill and Work Out World.
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