R.J. BRUNELLI BROKERED $118 MILLION IN RETAIL REAL ESTATE TRANSACTIONS DURING 2003
OLD BRIDGE, N.J. (2/19/04)–R.J. Brunelli & Co., Inc. today reported that it brokered $118 million in retail real estate transactions during 2003.
Over the 12 months, The Old Bridge-based retail real estate firm completed 64 lease transactions accounting for an aggregate rental value of $103 million, and closed seven property sales with a total selling price of approximately $15 million. The transactions covered properties throughout New Jersey, and areas in Pennsylvania and New York City.
During the fourth quarter, the firm closed on 20 transactions with an aggregate value of $61.5 million. Activity during the quarter included 18 leases valued at approximately $56 million, led by five ‘big-box’ deals: BJ’s Wholesale Club for a 115,000-square-foot freestanding building on Route 1 in North Brunswick, N.J.; Work Out World, for 50,900 square feet at The Plaza at Woodbridge on Route 1; Pets Plus for 17,500 square feet at Hartford Corners in Delran, N.J.; Hamilton Home Furnishings for 15,000 square feet at Gateway Plaza on Route 9 in Old Bridge; and CVS for a 13,000-square-foot freestanding store in Livingston, N.J.
R.J. Brunelli serves as exclusive tenant representative for Work Out World throughout New Jersey and is also exclusive leasing agent for Hartford Corners, a 400,000-square-foot power center under development in the Philadelphia suburb of Delran, N.J. The firm completed a dozen leases for the Shop-Rite and Lowe’s-anchored property during 2003, including Pets Plus, Salad Works and Lucille Roberts in the fourth quarter.
In its capacity as exclusive tenant representative for Central and Southern New Jersey, R.J. Brunelli negotiated a lease on behalf of Lakeshore Learning Center for 8,000 square feet at The Miracle Mall on Route 18 in East Brunswick during the fourth quarter. And in its role of exclusive leasing agent for Monmouth Plaza on Route 35 in Eatontown, the firm brought in Eastern Mountain Sports, which signed a lease for 7,200 square feet. This transaction filled the center, which also houses Toys ‘R’ Us and Borders Books and Music.
In the fourth quarter, the firm also brokered two significant sales: Stanberry Development’s acquisition of 24 acres of vacant land on Route 9 North in Old Bridge, and Solomon Dweck’s purchase of the 10,000-square-foot Rascals Comedy Club building on Route 35 in Ocean Township.
Among the larger fourth quarter transactions, R.J. Brunelli president Richard Brunelli brokered the sale with Stanberry Development; executive vice president Nick Romagnoli brokered the leases with BJ’s, Pets Plus; sales associate Carl Minue brokered the deal with Work Out World and vice president Steve Albert brokered the Hamilton Home Furnishings and Lakeshore Learning Center leases.
The firm’s other highlights during 2003 included securing seven leases totaling 11,290 square feet for Quiznos, helping to facilitate the fast growing national sandwich chain’s entry into Central New Jersey. Notable individual deals brokered by R.J. Brunelli over the year included a lease for 14,000 square feet for a Bassett Furniture Direct at the Brick 70 Plaza on Route 70 in Brick Township; and a Rag Shop lease for 18,200 square feet in Middletown Plaza on Route 35 in Middletown Township.
R.J. Brunelli & Co. currently serves as exclusive leasing agent for 13 existing centers and four under construction with a combined gross leasable area (GLA) of over 1.2 million square feet; and 15 proposed projects in the approvals stage with more than 1.8 million square feet of total GLA—the largest of which is the 500,000 square foot Village at Manalapan town center complex in Manalapan, N.J. All properties are located in New Jersey. The firm also serves as tenant representative in various New Jersey, New York and Pennsylvania counties for 21 retail, restaurant and service chains.
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.