R.J. BRUNELLI BROKERED $11.3 MILLION IN RETAIL LEASE TRANSACTIONS DURING FIRST QUARTER OF 2003
OLD BRIDGE, N.J. (4/29/03)–R.J. Brunelli & Co., Inc. today reported that it brokered 13 retail real estate lease transactions carrying a total aggregate rental of $11.3 million during the first quarter of 2003. The transactions covered properties throughout all areas of New Jersey, and a location in Pennsylvania
Activity was led by three deals for Lumiere Candles & Beyond, which earlier this year retained the Old Bridge-based retail real estate firm as exclusive tenant representative for the entire New York/New Jersey/Pennsylvania area. During the first quarter, the retailer of better quality candles and other home accessories signed leases for 2,380 square feet at The Shoppes at Union Hill, located on Route 10 in Denville; and 2,591 square feet in The Promenade on River Road in Edgewater. The agreements mark the upstart chain’s first entries in Morris and Bergen counties. Brunelli also brokered an agreement for Lumiere’s entry into the Pennsylvania market, with a 2,502-square-foot lease in The Shoppes at English Village, located on State Route 309 in Montgomeryville.
Other tenant representation efforts included brokering a deal on behalf of Quiznos for 1,700 square feet in Marlboro Plaza at Routes 9 and 520 in Marlboro Township. The transaction was handled by Brunelli vice president Steve Albert. In its role as exclusive broker, the firm is assisting the growing national sandwich chain’s entry into Monmouth, Ocean and Mercer counties.
Two other transactions rounded out the first quarter’s exclusive tenant representation activity: Tiki Tan’s lease for 2,537 square feet at Paddock Plaza in West Long Branch, which was arranged by Mr. Albert; and United Check Cashing’s lease for the 900-square-foot first floor of 147A Morris Street, in Morristown. Jeff Elgart, a Brunelli sales associate, was responsible for the transaction. Brunelli represents Tiki Tan and United Check Cashing on an exclusive basis throughout New Jersey.
In the quarter’s largest individual transactions, Mr. Albert brokered a Rag Shop lease for 18,200 square feet in Middletown Plaza on Route 35 in Middletown Township.
As exclusive broker for various New Jersey properties, Brunelli’s first-quarter 2003 activity was marked by the completion of two additional leases at Hartford Corners, a 400,000-square-foot power center—anchored by Lowes Home Improvements and Super Shop-Rite—now being developed along Route 130 in Philadelphia’s New Jersey suburb of Delran. Deals were signed during the quarter for a 1,500-square-foot Best Cuts salon (a subsidiary of Regis Corp.), and a 1,700-square-foot Kim’s Nails salon. Brunelli executive vice president Nick Romagnoli was responsible for both transactions.
In other property exclusives, Brunelli sales associate Carl Minue consummated an agreement with Prestige Pool & Spa for 1,250 square feet in Romeo Plaza, located on Prospect Road in Jackson Township, and in Summerfield Center, on Route 522 in South Brunswick, Brunelli executive vice president Greg Williams executed a lease for 3,040 square feet with a yet-to-be-named liquor store.
“Following a trying year in 2002, the retail industry continued to be challenged by a slow economy and concerns over the Iraqi war during the first quarter of 2003,” commented Richard J. Brunelli, president of the firm. “Fortunately, New Jersey’s excellent demographics continue to attract forward-looking retail, restaurant and service companies seeking expansion opportunities. These advantages, coupled with our team’s unparalleled market knowledge, meant that even during uncertain times our results met expectations. Based on our high-quality portfolio of exclusive property and tenant representation agreements, we look to the remainder of 2003 to shape up as another productive year.”
R.J. Brunelli & Co. currently serves as exclusive leasing representative for 14 existing centers and two under construction with a combined gross leasable area (GLA) of over 1.5 million square feet, along with 14 projects in the approvals stage with more than 1.1 million square feet of GLA. The properties are located throughout northern, central and southern New Jersey. The firm also serves as exclusive tenant representative in various New Jersey counties for 15 retail, restaurant and service chains. In addition to the previously mentioned chains, the firm represents such major companies as Borders Books, Elizabeth Arden, Fantastic Sam’s, Kindercare, L.L. Bean Factory Store, and Sally Beauty.
For additional information on the firm’s tenant or landlord representation services, contact Richard Brunelli, president, or Greg Williams, senior vice president, R.J. Brunelli & Co., Inc., 400 Perrine Road, Suite 405, Old Bridge, N.J. 08857. Telephone is (732) 721-5800.
Press contacts: At R.J. Brunelli & Co., Inc., Richard J. Brunelli, president, (732) 721-5800; at Parness & Associates Public Relations, Bill Parness (732) 290-0121.